hlaf weard, literally 'loaf ward'--the guardian of the stock of bread in a household. Since this was usually the master of the household, the word came to mean specifically that in Anglo-Saxon (in the somewhat reduced form hlaford). Hlaford was used by Christian missionaries to translate the Latin word for 'master'...
and the ancient word "[reflects] the Germanic tribal custom of a superior providing food for his followers."
I was also wondering how the Labour party deals with lords, and while I haven't fully come to understand how someone becomes a lord (besides inheritance of title), I did find out that in 1999 "The Labour government...banished the hereditary peers from the House of Lords."
That's some serious history-making! I wonder how the lords are dealing with it now?