Jeremy Corbyn has won a landslide victory to be named the next leader of the Labour Party in the UK.

The veteran left-wing MP stormed to victory in the first round, taking 59.5% of the 400,00 votes cast.

He left his closest rival, Andy Burnham, trailing on 19%, with Yvette Cooper winning 17% and Liz Kendall 4.5%.

Tom Watson was earlier announced as the party's new deputy leader.

As Mr Corbyn's landslide win was announced, his supporters cheered loudly and chanted: "Jez we did!"

Mr Corbyn was a last-minute entry to the race and had initially been viewed as 500-1 outsider to succeed Mr Miliband, who quit after the party’s disastrous election defeat.

But Mr Corbyn's radical anti-austerity pitch unexpectedly struck a note with many potential voters.

The 66-year-old told crowd: "During these amazing three months, our party has changed.

"We have grown enormously, because of the hopes of so many ordinary people for a different Britain, a better Britain, a more equal Britain, a more decent Britain.

"They are fed up with the inequality, the injustice, the unnecessary poverty. All those issues have brought people in in a spirit of hope and optimism.

"I say to the new members of the party, or those who have joined as registered or affiliated supporters - welcome. Welcome to our party, welcome to our movement. Can I say to those returning to the party who were in it before and felt disillusioned and went away."

Listen to the full speech below: