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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember_label_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust [Member]</link:label>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember_documentation_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestRevenueExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestRevenueExpense"/>
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    <link:label id="lab_mgplc_SeedCapitalIncludedInAssetsHeldForSale_documentation_en" xlink:label="lab_mgplc_SeedCapitalIncludedInAssetsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Seed capital included in assets held for sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SeedCapitalIncludedInAssetsHeldForSale" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_SeedCapitalIncludedInAssetsHeldForSale"/>
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    <link:label id="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds_label_en" xlink:label="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movements in third party interest in consolidated funds</link:label>
    <link:label id="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds_documentation_en" xlink:label="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Movements in third party interest in consolidated funds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_MovementsInThirdPartyInterestInConsolidatedFunds"/>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceIncomeCost" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinanceIncomeCost"/>
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    <link:label id="lab_mgplc_DisclosureOfInvestmentIncomeAndInsuranceFinanceExpensesTextBlock_documentation_en" xlink:label="lab_mgplc_DisclosureOfInvestmentIncomeAndInsuranceFinanceExpensesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure of investment income and insurance finance expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DisclosureOfInvestmentIncomeAndInsuranceFinanceExpensesTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DisclosureOfInvestmentIncomeAndInsuranceFinanceExpensesTextBlock"/>
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    <link:label id="lab_ifrs-full_InvestmentIncome_87b2954a-36ca-4d31-9132-38493b68eb41_totalLabel_en" xlink:label="lab_ifrs-full_InvestmentIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Investment income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InvestmentIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentIncome" xlink:to="lab_ifrs-full_InvestmentIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale_label_en" xlink:label="lab_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment property included in assets held for sale</link:label>
    <link:label id="lab_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale_documentation_en" xlink:label="lab_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Investment property included in assets held for sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_InvestmentPropertyIncludedInAssetsHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:to="lab_mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments_label_en" xlink:label="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expense recognised in respect of share-based payments</link:label>
    <link:label id="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments_documentation_en" xlink:label="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expense recognised in respect of share-based payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_ExpenseRecognisedInRespectOfShareBasedPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:to="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DisclosureOfInvestmentReturnTextBlock_label_en" xlink:label="lab_mgplc_DisclosureOfInvestmentReturnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of investment return [text block]</link:label>
    <link:label id="lab_mgplc_DisclosureOfInvestmentReturnTextBlock_documentation_en" xlink:label="lab_mgplc_DisclosureOfInvestmentReturnTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure of investment return</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DisclosureOfInvestmentReturnTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DisclosureOfInvestmentReturnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DisclosureOfInvestmentReturnTextBlock" xlink:to="lab_mgplc_DisclosureOfInvestmentReturnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SharesDistributedByEmployeeTrusts_label_en" xlink:label="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares distributed by employee trusts</link:label>
    <link:label id="lab_mgplc_SharesDistributedByEmployeeTrusts_documentation_en" xlink:label="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares distributed by employee trusts</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesDistributedByEmployeeTrusts" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_SharesDistributedByEmployeeTrusts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SharesDistributedByEmployeeTrusts" xlink:to="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrust_label_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrust_documentation_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_SharesHeldByEmployeeBenefitTrust"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:to="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors_label_en" xlink:label="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accrued investment income and other debtors</link:label>
    <link:label id="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors_documentation_en" xlink:label="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Accrued investment income and other debtors</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_AccruedInvestmentIncomeAndOtherDebtors"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:to="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_a55441ee-1e0a-4093-bf95-149552f82f85_totalLabel_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Profit/(loss) before tax attributable to equity holders</link:label>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_label_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit before tax attributable to equity holders</link:label>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_documentation_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Profit before tax attributable to equity holders</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_ProfitBeforeTaxAttributableToEquityHolders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:to="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_c0e92f3b-121b-4b6b-b99d-8a4c7452c79c_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_label_en" xlink:label="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment contract liabilities without discretionary participation features</link:label>
    <link:label id="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_documentation_en" xlink:label="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Investment contract liabilities without discretionary participation features</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:to="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings_label_en" xlink:label="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subordinated liabilities and other borrowings</link:label>
    <link:label id="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings_documentation_en" xlink:label="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subordinated liabilities and other borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_SubordinatedLiabilitiesAndOtherBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:to="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_label_en" xlink:label="lab_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Liabilities held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</link:label>
    <link:label id="lab_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_documentation_en" xlink:label="lab_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Liabilities held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:to="lab_mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns_label_en" xlink:label="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax charge attributable to policyholders’ returns</link:label>
    <link:label id="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns_documentation_en" xlink:label="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Tax charge attributable to policyholders’ returns</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_TaxChargeAttributableToPolicyholdersReturns"/>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_e5a1c034-4956-4fcb-9b5c-d70ec8e906b3_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns_label_en" xlink:label="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Less tax charge/(credit) attributable to policyholders’ returns</link:label>
    <link:label id="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns_documentation_en" xlink:label="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Less tax charge/(credit) attributable to policyholders’ returns</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:to="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities_label_en" xlink:label="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accruals, deferred income and other liabilities</link:label>
    <link:label id="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities_documentation_en" xlink:label="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Accruals, deferred income and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_AccrualsDeferredIncomeAndOtherLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:to="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SharesPurchasedInBuyBack_label_en" xlink:label="lab_mgplc_SharesPurchasedInBuyBack" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares purchased in buy-back</link:label>
    <link:label id="lab_mgplc_SharesPurchasedInBuyBack_documentation_en" xlink:label="lab_mgplc_SharesPurchasedInBuyBack" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares purchased in buy-back</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesPurchasedInBuyBack" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_SharesPurchasedInBuyBack"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SharesPurchasedInBuyBack" xlink:to="lab_mgplc_SharesPurchasedInBuyBack" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock_label_en" xlink:label="lab_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of investment contract liabilities without DPF [text block]</link:label>
    <link:label id="lab_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock_documentation_en" xlink:label="lab_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure of investment contract liabilities without DPF</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock" xlink:to="lab_mgplc_DisclosureOfInvestmentContractLiabilitiesWithoutDPFTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries_label_en" xlink:label="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash acquired on acquisitions of subsidiaries</link:label>
    <link:label id="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries_documentation_en" xlink:label="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash acquired on acquisitions of subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:to="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ThirdPartyInterestInConsolidatedFunds_label_en" xlink:label="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Third party interest in consolidated funds</link:label>
    <link:label id="lab_mgplc_ThirdPartyInterestInConsolidatedFunds_documentation_en" xlink:label="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Third party interest in consolidated funds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_ThirdPartyInterestInConsolidatedFunds"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:to="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DisclosureOfLoansTextBlock_label_en" xlink:label="lab_mgplc_DisclosureOfLoansTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of loans [text block]</link:label>
    <link:label id="lab_mgplc_DisclosureOfLoansTextBlock_documentation_en" xlink:label="lab_mgplc_DisclosureOfLoansTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure of loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DisclosureOfLoansTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DisclosureOfLoansTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DisclosureOfLoansTextBlock" xlink:to="lab_mgplc_DisclosureOfLoansTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_VestedEmployeeShareBasedPayments_label_en" xlink:label="lab_mgplc_VestedEmployeeShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Vested employee share-based payments</link:label>
    <link:label id="lab_mgplc_VestedEmployeeShareBasedPayments_documentation_en" xlink:label="lab_mgplc_VestedEmployeeShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Vested employee share-based payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_VestedEmployeeShareBasedPayments" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_VestedEmployeeShareBasedPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_VestedEmployeeShareBasedPayments" xlink:to="lab_mgplc_VestedEmployeeShareBasedPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities_label_en" xlink:label="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Income taxes paid at policyholder rates, classified as operating activities</link:label>
    <link:label id="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities_documentation_en" xlink:label="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:to="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock_label_en" xlink:label="lab_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for merger reserve [Text Block]</link:label>
    <link:label id="lab_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock_documentation_en" xlink:label="lab_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Description of accounting policy for merger reserve</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock" xlink:to="lab_mgplc_DescriptionOfAccountingPolicyForMergerReserveTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_eab85f59-5662-449c-8f1c-134912b0064d_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DisclosureOfGroupStructureAndProductsTextBlock_label_en" xlink:label="lab_mgplc_DisclosureOfGroupStructureAndProductsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of group structure and products [text block]</link:label>
    <link:label id="lab_mgplc_DisclosureOfGroupStructureAndProductsTextBlock_documentation_en" xlink:label="lab_mgplc_DisclosureOfGroupStructureAndProductsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure of group structure and products</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DisclosureOfGroupStructureAndProductsTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DisclosureOfGroupStructureAndProductsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DisclosureOfGroupStructureAndProductsTextBlock" xlink:to="lab_mgplc_DisclosureOfGroupStructureAndProductsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles_label_en" xlink:label="lab_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment in subsidiaries by consolidated private equity vehicles</link:label>
    <link:label id="lab_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles_documentation_en" xlink:label="lab_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Investment in subsidiaries by consolidated private equity vehicles</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:to="lab_mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_004165ad-5299-4b9c-85b2-6e94cee007a5_totalLabel_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_label_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_documentation_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_TaxChargecreditAttributableToEquityHolders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:to="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AdjustmentsForInvestments_label_en" xlink:label="lab_mgplc_AdjustmentsForInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for investments</link:label>
    <link:label id="lab_mgplc_AdjustmentsForInvestments_documentation_en" xlink:label="lab_mgplc_AdjustmentsForInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AdjustmentsForInvestments" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_AdjustmentsForInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AdjustmentsForInvestments" xlink:to="lab_mgplc_AdjustmentsForInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities_label_en" xlink:label="lab_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net cash (paid)/acquired on acquisition of subsidiaries classified as investing activities</link:label>
    <link:label id="lab_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities_documentation_en" xlink:label="lab_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net cash (paid)/acquired on acquisition of subsidiaries classified as investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:to="lab_mgplc_NetCashPaidacquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_label_en" xlink:label="lab_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Assets held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</link:label>
    <link:label id="lab_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_documentation_en" xlink:label="lab_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Assets held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:to="lab_mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock_label_en" xlink:label="lab_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for investment return [text block]</link:label>
    <link:label id="lab_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock_documentation_en" xlink:label="lab_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Description of accounting policy for investment return</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock" xlink:to="lab_mgplc_DescriptionOfAccountingPolicyForInvestmentReturnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiaries_label_en" xlink:label="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash paid on acquisitions of subsidiaries</link:label>
    <link:label id="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiaries_documentation_en" xlink:label="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash paid on acquisitions of subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_CashPaidOnAcquisitionsOfSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:to="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_Deposits_label_en" xlink:label="lab_mgplc_Deposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits</link:label>
    <link:label id="lab_mgplc_Deposits_documentation_en" xlink:label="lab_mgplc_Deposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Deposits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_Deposits" xlink:href="254900TWUJUQ44TQJY84-2023-12-31.xsd#mgplc_Deposits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_Deposits" xlink:to="lab_mgplc_Deposits" xlink:type="arc" order="1"/>
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