Betting suggests Corbyn has raced into Labour lead

Like all great jokes, the Labour Party’s attempt to widen their leadership debate by including Jeremy Corbyn in their nominees, could be about to backfire dramatically.

No doubt many MPs who gave him their original backing just to ensure he would appear on the ballot, are dramatically regretting their actions.

According to private polling revealed in this week’s New Statesman, the left-wing oddball is 15% ahead on first preference. Now whilst this will not give him a majority, given the venom that is being directed between the three main candidates, their supporters are almost certain to assign their second preference votes to Corbyn, rather than a main rival. He could therefore end up even stronger after Round 2, when one of Andy Burnham or Yvette Cooper will get the chop.

These polls also reflect what is happening in the local Labour Constituency Associations. Corbyn has the backing of 40, ten ahead of Cooper, and in a sign of how dire Labour’s straits are, eight times the numbers of Liz Kendall. Quite frankly right now, Howard Kendall has more chance of becoming the Labour leader.

But just where is this Corbynmania coming from? Well suspiciously, 2/3 of new members since the election, are backing the bearded loon. Suspicious because elements of the right-wing press, led by the Daily Telegraph, have encouraged their Tory readers to join the Labour party, vote Corbyn, and help consign the party to guaranteed electoral disaster in 2020.

In a sign of how much the Corbyn surge should be noted, Ladbrokes have dramatically cut his price in recent weeks, and he is now in to 10/3, just a smidgen behind Cooper at 11/4. Burnham remains the favourite at 10/11 with Kendall at 10/1.

All Odds and Markets are correct as of the date of publishing.

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