The most damning has been the owner of the Hull City football club Assem Allam who has offered to support MPs who want to break away from Labour and launch a centrist party or defect to the Liberal Democrats. Allam holds that his leftist policies were detrimental to the interest of Britain and its people. He says;'I will do anything I can if I am convinced they can form a strong opposition.'

About the impact on the economy of “People’s Quantitative Easing” and taking away the Bank of England’s independence, two policies put forward by Corbyn the Governor said: “The issue would be imperilling potentially the achievement of price stability. The consequence of that of course would be inflationary. The people who tend to get hurt the most by inflation are the poor, the elderly, those that can’t hedge themselves – that’s been the experience throughout history and I’m sure that will be the experience in the future if the Bank of England is not to conduct policy, not consistent with achieving its mandate from parliament.”

Corbyn has proposed a “People’s Quantitative Easing” scheme in which the Bank of England would “be given a new mandate to invest in large-scale housing, energy, transport and digital projects”. His aides also threatened to strip the Bank of England of its independence.

Corbyn has also pledged to clamp down on once-legal tax avoidance as well as illegal tax evasion, claiming that a staggering £120 billion a year could be raised just by forcing the rich to pay their due. He would renationalise the railways, scrap Britain’s nuclear deterrent and do away with independent schools and the state system’s academies in favour of a centrally controlled National Education Service.

Corbyn’s scheme for a National Investment Bank to back a massive programme of public works and house building, funded by the simple expedient of ordering the Bank of England to print more money has also come under severe criticism. Carney had issued warnings that no Government, of any party, could buck the markets. He said “printing money to fund otherwise unaffordable policies ‘had the same effects in every country that’s tried it, from Argentina to Zimbabwe. If you drastically increase the amount of money in the system, you drastically reduce its value. So you need more money to buy the same goods. That causes hyper-inflation. And with that comes disaster”.

Corbynism is being presented as a joke. But the members who had joined Labour before his election to make Corbyn leader however are sure that Corbynism would prevail. The hard leftists present themselves as rebels fighting for the freedom of ordinary people from the iniquities imposed upon them by governments and corporations. In reality, whenever the radical left has actually gained control they have established even more powerful governments and corporations. They argue the railways and the energy companies should be run in the interests of its employees and customers not their shareholders. Solution: place those companies under the monopoly control of the state. Monetary policy should serve the people not the banks. Solution: print billions of pounds for politicians and civil servants to spend.

His claims to want to hand power back to the people, to destroy the “Establishment” does not go well with his detractors. Corbyn’s concept of renunciation of power has unnerved his detractors. Corbynism is by no means confined to his native land. He is skeptical of the European Union, and of Britain’s place within it. His Left-wing emphasis has provoked dismay among moderate Labour figures, who warned that the party was heading for “oblivion”. Corbyn holds “Marx obviously analysed what was happening in a quite brilliant way and the philosophy around Marx is fascinating.”

Only a couple of days back he did not sing the national anthem at a Battle of Britain memorial event. However he agreed to sing God Save the Queen in future after six of his own shadow cabinet ministers criticised his failure to do so. But he risked causing anger after he said that it was “strange” that people are “over-concerned” about his refusal to sing God Save the Queen. People were angry with his failing to turn up to greet soldiers returning from Sierra Leone as they marched past Parliament.

Corbyn has in recent days been criticised by members of his own party for suggesting that he could campaign for Britain to leave the EU as well as repeating his opposition to the Trident nuclear deterrent. Nevertheless he said that he would accept his party’s decision if the majority of MPs votes to keep Trident. Admitting he was under pressure, he added: 'I wouldn't be doing this if I didn't think I was able to. I do have to cope - and I will cope.'

His detractors nurse the view that Corbyn’s old fashioned Marxism may appeal to the socialist elites but it would be missing the basic element, the key ingredient nationalism. However many left wing activists are convinced that he will deliver the goods. They believe that their hero will keep Labour’s existing voters, reach out to many of those who left the party, attract non-voters and lead a new Left-wing coalition to victory.

Although Corbyn made clear he wanted to give party conference a greater role in deciding party policy, which would almost certainly see a shift to the left, he tried to give the impression he was a conciliator. He said: “I have been elected to lead the party. I want to take people with me. My whole default position is one of the discussion and persuasion. You are assuming I am going to dictate everything”.
He also raised the prospect that he would push for a change to the Privy Council ceremony in which the Queen makes him a privy counsellor after he was told he would have to bend his knee to the monarch. Corbyn, had said that he had not been invited to join the privy council, a largely ceremonial body of advisers to the Queen.

Corbyn also said that he did not support the system. “Well of course I’ll end up being a member of the Privy Council if that’s what the requirement of the job is. I think there are some things that ought to change in our society and maybe that’s one of them.” His supporters say that it is difficult to make a case for social justice and equality on one bended knee.