It was published during the years of the Labour government of James Callaghan and the beginning of the era of the Conservative administration of Margaret Thatcher.

Members, who met for collective meetings initially in the Euston and Kings Cross areas of north London, and later in Brixton, included: Roger Andersen, Nick Anning, Julia Bard, Imogen Bloor, Dave Clark, Andy Curry, Brian Deer, Tim Gopsill, Cheryl Hicks, Terry Ilott, Phil Kelly, H. O. Nazareth, Mike Prest, Jane Root, Rose Shapiro, Russell Southwood, Dave Taylor, Adam Thompson, John Verner, Ian Walker.

After the magazine ceased publication, a few of the collective members formed Leveller Graphics, a community printshop offering typesetting and design.

During its operational life, Leveller Graphics put some of its income towards paying off the debts of the magazine, including payments to printers and to Bread 'n Roses.

[citation needed] The Leveller was noted on the British left for an eclectic design and visual style, particularly in its cover stories, representing the values and decisions of an open collective, rather than those of traditionally-designated editors, copy editors and writers and reporters.