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Not sure it's the GFA. I heard that Labour never stood as they didn't want to take votes from the SDLP, some sort of old "gentleman's agreement" but that seems to be change now. Well, maybe not ;)
The SDLP lately has been wildly socially conservative on abortion, though anti austerity. It makes them unattractive to voters that may end up with SF (not really that socially progressive, and not really anti austerity) maybe Labour is seeing a space?
Thought Labour wouldn't really have any NI activities due to GFA Westminster impartiality requirements...