Jeremy Corbyn loses confidence vote – says he won’t resign

Jeremy Corbyn, British Labour Party leader and Opposition leader in the House of Commons, lost a confidence vote by his parliamentary group this afternoon, but says he will not step down.

There were 172 votes against him, with 40 for and two spoiled papers. Eight members of his shadow cabinet have resigned and Corbyn fired another who told him he should resign.

Meanwhile, the Chancellor of the Exchequer, George Osborne has said that the government will have to raise taxes and cut spending following the vote.

“We are adjusting to life outside the EU and it will not be as economically rosy as life inside the EU,” he said.

Jeremy Corbyn

George Osborne