It’s not enough for Labour to protest against austerity | Peter Hain

Jeremy Corbyn must deliver a credible economic alternative grounded in a new, modernised Keynesianism

Jeremy Corbyn's extraordinary surge to the Labour leadership is part of the same revolt against austerity and the political establishment represented by the SNP in Scotland, Syriza in Greece and Podemos in Spain.

By supporting austerity in moderation, Europe's socialist parliamentary parties, Labour included, have haemorrhaged support to populist parties - in Labour's case to Ukip; the French Socialists to the Front National.