The new leader of Britain's opposition Labour Party has named a hard-left former trade union official, who has backed renationalising the country's banks and higher taxes on the wealthy, to run his economic policy. As Sonia Legg reports many business leaders have also expressed dismay at the election of another anti-austerity opposition leader.
TV AND WEB RESTRICTIONS~**ITN - RESTRICTIONS: TV: No access all domestic and international channels distributed in UK & Eire on Sky/Virgin/Freeview; BBC/BSKYB GROUP : No access worldwide any media; INTERNET: No access .co.uk web sites and all websites principally targeted at the UK and/or Eire; MOBILE: No access worldwide; NO USE AFTER 30 DAYS ON ALL PLATFORMS First Greece, then Spain, and now the UK. All three now have anti-austerity politicians leading key political parties. Jeremy Corbyn's Labour election victory in Britain has left many in his party reeling. He's an admirer of Karl Marx and his strong left-wing views made the task of appointing a shadow cabinet a little tricky. (SOUNDBITE) (English) LABOUR LEADER JEREMY CORBYN SAYING: "We're open to discussion, we're open to debate. We're a very strong party, we're a very big party and obviously policy debates will develop. Is there anything wrong with that?" His choice of shadow finance minister was particularly controversial. The former trade union official John McDonnell has backed re-nationalising the country's banks and high taxes on the wealthy. He also lists "generally fomenting the overthrow of capitalism" among his interests. (SOUNDBITE) (English) JOHN MCDONNELL, SHADOW FINANCE MINISTER, SAYING: "What I am going to try and do now is convince our colleagues in parliament of the need for change...that's all political parties not just the Labour party and also the public as well. The economy will be safe and our hands but we will also be more prosperous." Not everyone is convinced though. And many believe Prime Minister David Cameron - well out of it in Lebanon - is delighted with the appointment, assuring his Conservative party a nice long term in office. Some business leaders are reportedly dismayed. Corbyn voted No to joining Europe in 1975 - he's not saying what he thinks about a possible Brexit now.