Little old lady with wit and energy shows poor outcome for Labour (7,4)

'poor outcome for labour' is the definition.
I can't judge whether this defines the answer.

'little old lady with wit and energy' is the wordplay.
'little old lady' becomes 'minimum' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'with' means one lot of letters go next to another.
'wit' becomes 'wag' (synonyms).
'and' means one lot of letters go next to another.
'energy' becomes 'e' (physics symbol as in E=mci).
'minimum'+'wag'+'e'='MINIMUM WAGE'

'shows' acts as a link.

Can you help me to learn more?