Following the EU referendum last month, Jeremy Corbyn's position as Labour leader has been under severe pressure and it shows no sign of abating following the announcement that Owen Smith wishes to challenge Corbyn for the top Labour party job.
Resignations racked up in the Labour party following the decision by the majority of UK voters to leave the European Union in June and the party decided to pass a motion of no confidence in Corbyn. The vote of 172-40 wasn't legally binding but it did serve the purpose of piling the pressure on the party leader who saw himself challenged by Angela Eagle, the Shadow Business Secretary.
Eagle has now stood down from the leadership challenge, leaving only Smith and Corbyn to fight it out in the election contest. Smith is 9/4 with Bet365 to win the leadership contest with Corbyn being the bookies' favourite at odds of 2/5 with Paddy Power.
“We need more than posturing, we need more than sloganising,” Smith said. “It’s not enough just to be anti-austerity, you have to be pro something. I’m pro prosperity, I am pro standing up for working people.
“We are in a moment of crisis in Britain right now, not just in the Labour party. But our crisis in the Labour party is in truth reflective of a deeper crisis we face in society. We are a country that is not at ease with itself, that is divided. We are not progressing in the way we once did. We’re a country where people feel that their wages, their security, the future of their communities, the hopes they have for their children, cannot be realised.
“We’re (the Labour Party) not on the pitch. We’re on the sidelines. “We’re not speaking for Britain.”
Despite mounting criticism, Corbyn's falling odds would indicate that he will see off this fresh challenge and remain leader of the party into the next election.
Labour Leadership Election - Best Odds
2/5 - Jeremy Corbyn
9/4 - Owen Smith