by Bill O’Grady
On September 12th, Jeremy Corbyn, a longtime Member of Parliament (MP), was elected as the new leader of the U.K.’s Labour Party. When he announced he would run in June, his candidacy for the position appeared laughable, but by the time the party election was held it was clear that Corbyn would win. Corbyn was considered a fringe member of the Labour Party; he has never controlled a major mandate (e.g., Exchequer, Defense, etc.) or held any position of responsibility in the party.
In this report, we will begin with a short biography of Corbyn followed by a description of how he won his party’s leadership role. With this background, we will explore Corbyn’s long held policy positions and their potential impact on U.K. policy. We will offer our reflections on Corbyn’s win, including an examination within the context of other political developments in the West. As always, we will conclude with potential market ramifications.