Danny Blanchflower and Jeremy Corbyn

monetary policy committee: It comes as a former Bank of England adviser was among more than 40 economists to publicly back the Islington North MP policies in a significant boost to his Labour leadership campaign, according to The Independent. Danny Blanchflower, a former member of the monetary policy committee, is among the signatories to a letter in the Observer dismissing claims Mr Corbyn is "extreme", arguing instead that his opposition to austerity is "actually mainstream economics". The letter said: "The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. The process could happen "with either no compensation or with any undervaluation deducted from any compensation for renationalisation" if they are disposed of too cheaply over the next five years, according to the Observer. But this is not supported by the candidate statements or policies. Labour now has more MPs who went to private school, some 12%, than those from manual working backgrounds, who account for just 7%, according to research highlighted by the leadership favourite. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity." Mr Corbyn has also unveiled plans to give working class Labour members cash to help them become an MPs in an effort to stop the party and parliament being dominated by people from affluent backgrounds. (news.financializer.com). As reported in the news.