Day in Labour far off for Conservative PM (6,7)

I believe the answer is:

arthur balfour

I'm a little stuck... Click here to teach me more about this clue!

'conservative pm' is the definition.
(I've seen this before)

'day in labour far off' is the wordplay.
I cannot really see how this works, but
'day' could be 'thur' (abbreviation for Thursday) and 'thur' is located in the answer.
'labour' could be 'l' (political abbreviation) and 'l' is found in the answer.
This may be the basis of the clue (or it may be nonsense).

'for' acts as a link.

Can you help me to learn more?

(Another definition for arthur balfour that I've seen is " Conservative PM".)

I've seen this clue in The Times.

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