Jun 28

UK Labour Party Leader Corbyn Loses Vote Of No Confidence:

Following the resignation of more than 20 members of his shadow cabinet, UK Labour Party Leader Jeremy Corbyn has just lost a vote of no confidence by a vote of 176 to 40. Despite his previous statement that he is “not going anywhere” we suspect this will lead to a formal leadership challenge. Notably Cable is weakening on the news as yet another level of uncertainty hits The UK.

As The Independent reports,

Jeremy Corbyn has lost a no-confidence vote among Labour MPs.

The party’s parliamentarians voted 176 to 40 against Mr Corbyn’s leadership in a secret ballot on Tuesday afternoon.

The motion was formally proposed at a meeting of the Parliamentary Labour Party on Monday evening.

Which has sent cable modestly lower, with sterling dipping back under 1.33 at last check.


The vote is non-binding and so far Corbyn has indicated he won’t step down as head of the main opposition party.

He has lost much of his support in the parliamentary ranks of the Labour Party after Britain voted to leave the European Union last week, but claims he still has support in the party’s rank and file.

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