Jeremy Corbyn unveils key members of shadow Cabinet

Jeremy Corbyn has begun the process of rebuilding the party’s front bench days after a crushing victory over his rivals in the Labour leadership contest.

The Islington North MP won a dramatic victory this weekend, taking more than three times the number of votes as runner up Andy Burnham.

He has responded by immediately naming his campaign manager John McDonnell as shadow chancellor.

McDonnell is chair of the Socialist Campaign Group, and is also a former deputy of Ken Livingstone in the Greater London Council prior to its abolition.

He has previously admitted Labour failed to compete on economic competence in the general election, saying the public had rejected its policy of “deficit denial”.

McDonnell will be accompanied by shadow chief Treasury secretary Seema Malhotra, who joined the Commons in 2011 in a by-election.

Malhotra previously served in Ed Miliband’s team as shadow minister for preventing violence against women and girls.

Former shadow pensions minister Angela Eagle will also be a prominent member of Corbyn’s Cabinet, having been named both shadow business secretary and shadow first secretary of state.

The latter role means it will be Eagle, and not Labour deputy leader Tom Watson, who will serve as Corbyn’s replacement during Prime Minister’s Questions when David Cameron is away.

A number of previous frontbenchers have already ruled themselves out of taking part in the new-look Labour team, including Corbyn’s fellow leadership candidates Yvette Cooper and Liz Kendall, who previously served as the party’s shadow home secretary and shadow minister for care and older people, respectively.

Cooper will be replaced by Burnham, while Corbyn continues to fill the remaining roles in his team, which will include a new shadow minister for work and pensions, after Rachel Reeves also ruled herself out.

While much of Labour’s new policy platform remains to be established, it is likely to be based on the principle of “Corbynomics” – a state led investment programme that would see the Bank of England print new money for housing authorities and local councils to build infrastructure like housing and schools.

The plan has proved divisive among economists, and may be augmented by moves to establish a more flexible state retirement age, as well as a potential expansion of Right-to-Buy housing deals for private market tenants.