BBC Monitoring

Papers in Israel ponder what the impact of Jeremy Corbyn's win might mean for their country.

Whilst a headline in Haaretz daily does not appear to be too dramatic ("Jeremy Corbyn Elected Leader of Britain's Labour Party") the paper links to another report, external, entitled "Corbyn's victory could make Israel a partisan issue in British politics". 

"Jeremy Corbyn claims victory in UK Labour leadership race," says a headline in the Times of Israel, external. "Far-left MP was long the frontrunner, while some UK Jews expressed alarm over his ties to ‘Holocaust deniers, terrorists and some outright anti-Semites’," it says.

More from Allegra Stratton and the Newsnight team at Newsnight Live

David Lammy says a generation of young people have been "inspired" by what they have heard from Jeremy Corbyn after the ideological "disorientation" of recent years. He says he will be a "critical friend" of the Corbyn leadership but remains "nervous whether a left-wing project" is capable of "capturing the imagination of England as a whole" and that victory in 2020 remains a "big ask". 

Jeremy Corbyn has greeted his supporters outside a London pub. 

Ken Livingstone says Jeremy Corbyn's economic policy can "change the direction of Britain" after the uninspiring "austerity-lite" approach of recent years. The new Labour leader's plan for so-called "people's quantitative easing" is the best way to boost investment in the economy, he tells the BBC. The Bank of England, he adds, had effectively pumped £375bn into the banking system since 2008 but it had "not caused inflation or done harm the economy". He adds:

Laura Kuenssberg
BBC political editor

Now what? Jeremy Corbyn's victory was not the work of Labour MPs, power brokers, or the party's once powerful machine. But the flex of an old muscle - Labour's left-wing rump - once so weakened, now strong, emboldened by thousands upon thousands of new supporters.

They will have their celebrations tonight - deservedly so. Corbyn has achieved a rarity in modern politics - expanding an electorate. Persuade more people who agree with you to take part, and you can win, however out of fashion those ideas are.

But now installed, there are problems everywhere for Labour's new leader. He has always been an outsider, an insurgent in his own party...

Read Laura's blog in full

BBC Newsnight

Image source, Reuters

Ladbrokes have been quick off the blocks. Before the ink has barely dried on Jeremy Corbyn's acceptance speech, the bookie has stolen a march on its rivals by offering odds , externalon who will be Labour Leader at the time of the next General Election. 

Good news for Mr Corbyn is that he is 5/4 favourite. Less good news is that Ladbrokes should even see the demand for such a market at this stage. 

More analysis from Newsnight's Marc WilliamsatNewsnight Live

Lord Soley, a former chairman of the Parliamentary Labour Party, has said he fears Mr Corbyn's victory "may have handed the next election to the Tory party". Speaking to the Press Association, he said the MP had "connected with a large section of the community - but it is not the country". Lord Soley said the party "has to try to harness the enthusiasm" of the thousands who voted for him but find a way to bring his policies more in line with his colleagues.

Comparing the choice of leader with that of Iain Duncan Smith taking charge of the Conservatives in 2001, he said: "They very quickly got rid of IDS. I do not see that happening as quickly with Labour."

Image source, Reuters

Defence Secretary Michael Fallon has issued a statement in response to Jeremy Corbyn's election as Labour leader. Here's what he has to say:

BBC News Channel

Chief political correspondent Vicki Young is outside the Labour conference centre, where there's a crowd gathered hoping to get a glimpse of the new Labour leader when he leaves.

She says the hall was very divided this morning, as many MPs don't support Jeremy Corbyn's vision for the future. She predicts "more and more" of the shadow cabinet will step down in response to the left-winger's victory.

BBC News Channel

"It's a great day for Labour," says Unison General Secretary Dave Prentis, who declares Mr Corbyn's victory a "tremendous result". He says the left-wing MP has put forward "a real alternative that people can stand behind", offering "a light at the end of the tunnel". It also represents an opportunity to look at the "heart and soul" of the party, Mr Prentis adds.

Image source, Reuters

Caroline Flint, Labour's shadow energy secretary and unsuccessful deputy Labour leadership contender, has told the BBC: “I am open to discussions with the new leadership on what role they want me to play to help us win in 2020."

BBC Newsnight

Here's a very simple graph that shows the challenge ahead for Jeremy Corbyn.

He's won over the second smallest square - the dark red one. 

Next he needs to win over the little orange square - Labour MPs - to be effective in parliament. Very few of them nominated him - and there's already some evidence that the rebels are organising.

Read Ed Brown's analysis at Newsnight Live

Brian Wheeler

Image source, Getty Images

Jeremy Corbyn's election as Labour leader, at the age of 66, must count as one of the biggest upsets in British political history.

To his critics, he is almost a caricature of the archetypal "bearded leftie", an unelectable throwback to the dark days of the 1980s, when Labour valued ideological purity more than winning power.

But to his army of supporters, he is the only honest man left in politics, someone who can inspire a new generation of activists, and make them believe that there is an alternative to the neo-liberal Thatcherite consensus that has let them down so badly.

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