Jeremy Corbyn teams up to start new party challenging the wealthy.

Former Labour Party leader Jeremy Corbyn has announced the launch of a new political party aimed at challenging the wealthy and advocating for wealth redistribution. The party, which is yet to be named, is positioned as an alternative to Labour and Reform UK.

Corbyn, along with Zarah Sultana, who recently left Labour to become an independent MP, emphasized the need for a new kind of political party that is community-led and grassroots-based. They highlighted their commitment to addressing issues like child poverty, corporate profits, and government spending priorities.

In response to the party's launch, a Labour Party source referenced past electoral outcomes under Corbyn's leadership. Corbyn dismissed comparisons to Labour, stating that the new party would prioritize community involvement and autonomy, contrasting with Labour's centralized structure.

The party's sign-up website is named Your Party, but Sultana clarified that this is not the official name. Corbyn defended the organized approach of the new venture and noted a high rate of public interest in joining the party.

Corbyn and Sultana, despite their differing political backgrounds, share a belief in harnessing left-wing energy in British politics. They aim to establish a democratic alternative rooted in communities across the country, with policies to be determined at the inaugural conference.

The party's stance is positioned to the left of Labour on various issues, including taxation, nationalization, and immigration. Their ambition is to challenge the wealthy and powerful, potentially impacting Labour's electoral prospects, particularly in upcoming local elections.

Rumors of a Corbyn-led party had circulated for some time before Sultana's recent departure from Labour to co-found the new party. Sultana's suspension from the Labour Party last year, along with other MPs, underscores internal divisions within Labour's left flank.

Corbyn's independent candidacy in the 2024 general election, following his suspension from Labour, laid the groundwork for the new party, supported by a small group of pro-Gaza independent MPs. The party's formation is expected to influence the political landscape in future elections.