Breaking news and a result in the main opposition party that changes the UK political landscape in a way not seen for many a year. He wins with 59.5% of the overall 422,664 vote
Corbyn is an out and out left-winger/socialist who started as a 200-1 outsider and who, even toward the end of this 3-month campaign, was being urged by some in his own party to stand down for fear of the damage it might do moving forward
What started out as a protest vote against the middle-ground politics currently prevailing from all sides has now surpassed all expectations. To put it in context he has a larger mandate to lead his party than former PM Tony Blair managed.
66-year old Corbyn has laid out a clear agenda and there has been talk that Conservative party members have signed up for Labour membership just to vote for him in the belief that it makes the Labour Party unelectable next time around
He says he wants a "fundamental shift" in economic policy and for Labour to be a "credible alternative" rather than "Tory light". To those who say he wants to take the party back to the 1980s, he has said he'd go back a decade further, to the 1970s Wilson/Callaghan Labour government.
On the economy he says there would be an end to austerity, higher taxes for the rich and protection for people on welfare - and a new crackdown on tax avoidance and tax evasion, as well as "corporate welfare", tax breaks for companies. He claims this plan could "double" the NHS's income.
He believes in paying off the deficit but not through spending cuts - and not to meet an "arbitrary" date.
Mr Corbyn has also said he would consider introducing a "maximum wage" to cap the pay of top executives and he would renationalise the Royal Bank of Scotland.
The Bank of England would be allowed to print money - People's Quantitative Easing - for "new large scale housing, energy, transport and digital projects". Mr Corbyn says this would create "a million skilled jobs and genuine apprenticeships" with knock-on boosts for the supply chain.
On Europe Mr Corbyn says he supports the UK remaining in the EU, but wants to see "a better Europe". He opposes the Transatlantic Trade and Investment Partnership (TTIP) deal outright. He had previously refused to rule out campaigning to leave, and also said he had "mixed feelings" on the issue, leading to criticism from his pro-European rivals.
Deputy leader role goes to erstwhile campaigner against Murdoch, Tom Watson
Changing times then for UK politics but it won't have any impact for the pound anytime soon. We will however keep a close eye as events unfold particularly the EU referendum expected next year where Corbyn's real influence is yet to be revealed
Certainly PM David Cameron will not relish facing the new opposition leader across the despatch box at Prime Minister's Questions in the House of Commons each week
stions New Labour Party leader Corbyn - changing the face of UK politics