The Corbyn movement that began last summer represented the beginning of a political revolution inside the Labour Party. But this transformation is not yet complete. On the one hand, thanks to his enormous grassroots support, Corbyn has weathered the storm of hysteria and attacks from the Tory press and the Blairites, emerging stronger in his position as leader. On the other hand, however, the right wing of the Labour Party, residing primarily in Westminster, has not been completely routed and continues to skirmish with Corbyn in an attempt to destabilise and discredit him as leader. Corbyn has won many battles thus far; but Labour’s civil war is far from over.

George Osborne, the Tory chancellor, who only six weeks ago was boasting about the strength of the British economy, has now had to issue a bleak warning for the coming year. 2016 could mark “the beginning of the decline” for Britain unless the country swallows a large dose of austerity medicine. A culmination of weakening world growth, plummeting oil prices, and a sharp slowdown in China, amongst other things, has blown Osborne’s economic predictions out of the water. His latest talk is of “a dangerous cocktail of new threats”, which have suddenly emerged.