Jeremy Corbyn sees no reason for Labour to split

Leadership front-runner Jeremy Corbyn has rejected claims the party would split if he is elected to Labour’s top job as he set out plans to take on bankers, media moguls and the corporate world.

Jeremy Corbyn sees no reason for Labour to split

Rupert Murdoch’s empire would be broken up to dilute his media influence while banks must wake up to Britain’s “gross inequalities”, the left-winger told the Financial Times.

Mr Corbyn also warned the corporate world he is going after high pay levels.

“I do think the salary levels and the bonus levels again have got to be looked at,” he told the newspaper.

“I am looking at the gap in every organisation between highest and lowest levels of pay.”

He said: “We need a media that is not controlled by a very small number of very big interests . . . [Mr Murdoch] should understand that we’re serious about diversity of media ownership and I hope he will understand that.”

Mr Corbyn’s dramatic transformation from rank outsider to favourite in the race against Andy Burnham, Yvette Cooper and Liz Kendall for the leadership has sent shockwaves through Labour and prompted fears it would force the party to split.

But the backbencher told the FT: “I don’t think there is any appetite for people to walk away from [the party].

“I appreciate there are only a relatively small number [of MPs] who actually willingly nominated me,” he said.

“The number of MPs making ’noises off’ at the moment is quite small,” he added. “A lot of MPs are looking to see what happens.”

The contest has been mired in controversy after new rules made it easier for people to sign up to vote, inadvertently paving the way for political opponents to influence the outcome.

Senior party figures are expected to meet today to discuss fear about significant numbers of infiltrators bypassing party security checks.

Meanwhile, Mr Corbyn’s economic adviser, Richard Murphy, suggested a government led by the Labour MP would sack the Bank of England governor if they refused to implement his plan for “people’s quantitative easing”.

Under the proposal, Mr Corbyn would create a national investment bank to fund infrastructure projects which would issue debt to be bought by the Bank of England - effectively meaning the Bank would fund government spending on housing, energy, transport and other projects.

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