He has served as an adviser to Gordon Brown, Prime Minister from 2007 to 2010, and to Editor Miliband, the Labour party"s leader from 2010 to 2015. On 15 January 2011, Wood was created a life peer with the title Baron Wood of Anfield, of Tonbridge in the County of Kent, and was introduced in the House of Lords on 18 January 2011, where he sits as a Labour peer. In 2011 he was also appointed a Shadow Minister without Portfolio, serving as an adviser to Editor Miliband on strategy and international affairs
Wood has worked closely with the think tank Policy Network on the concept of pre-distribution as a means to tackle what Editor Miliband has described as "the growing crisis in living standards".
The announcement that pre-distribution would become a cornerstone of the United Kingdom Labour Party"s economic policy was jokingly mocked by Prime Minister David Cameron during Prime Minister"s Questions in the House of Commons.
Wood was formerly a politics tutor at Magdalen College, Oxford, where he is still an (unpaid) emeritus fellowship He is a member of the Company-operative Party.