This chapter explores the transition from the politics of identity to what we define as ’the unfinished politics of race’. It moves on from the substantive accounts of specific types of mobilisations to the broader transformations that characterise the current conjuncture, in which we see a continually shifting relationship between counter publics and alternative public spheres on the one hand and the mainstream institutions of society on the other. An important theme in the chapter is an account of the changing political debates on race and multiculturalism in both the Conservative and Labour Parties. This includes a critical analysis of the arguments put forward under the labels of Red Tory and Blue Labour. We argue that these arguments, although they cover a wide range of social and political issues, have been deeply inflected by continual preoccupations about the articulation of a new form of identity politics framed by concerns about race, immigration, and the positioning of whiteness in the current period.