Labour Party Rebels Back Single Candidate to Oust Leader Corbyn

The race for control of Britain’s Labour Party narrowed on Tuesday as lawmaker Angela Eagle withdrew, leaving incumbent Jeremy Corbyn up against a challenger promising a second Brexit referendum.

Labour’s left wing and its more moderate factions have been locked in a power struggle ever since Britain voted to leave the European Union on June 23, with critics saying Corbyn had not worked hard enough to prevent the Leave camp’s victory.

Eagle, formerly the party’s top business spokesperson, withdrew from the leadership contest after private tallies showed she had received less support than rival Owen Smith at the halfway stage in the nominating process.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.