Jeremy Corbyn started the British Labour Party's post-general election search for a new leader as a 200/1 rank outsider, a seat-filler to help to broaden the leadership debate.

Today, Corbyn was elected leader of the Labour party - and Britain's political establishment is pretty terrified about what this will mean.

So what are his policies?

Corbynomics

The Spector has described Corbyn-slide as a "delusion" - but one which is fuelled by a "a few grains of truth."

Striking a similar tone in a strongly worded warning, Tony Blair has said that Corbyn's policies come from a “parallel reality" - which he compared to "Alice in Wonderland" as he warned of the damage that a Corbyn victory would do to the party.

Jeremy Corbyn is tapping into the same vein of thought as Syriza in Greece, Podemos in Spain and the same anti-austerity ideas that Sinn Fein and Ireland's left wing groups and independents candidates will be drawing from when Ireland's next General Election rolls around.

Commentators have been particularly critical or his economic policies - like his proposed 'people's quantitative easing' programme - an idea which involves the Bank of England creating bonds, to create new money, which will be invested infrastructure projects to build schools and hospitals.

Critics say that this is a fanciful proposal, which is claiming that Britain can just 'print money to solve its problems' - but his support points to the fact that the British government already did this to pump money into financial markets through quantitative easing in the wake of the financial crisis.

It is argued that these policies would destroy Britain's credibility and create excessive inflation. Blair wrote that "reason is an irritation, evidence a distraction, [and] emotional impact is king" in Jeremy Corbyn's policies.

Among his other economic policies are plans to re-nationalise entities like the UK's rail services, ambitious schemes to bring in billions of pounds by cutting down on tax evasion, and plans to reopen British mines.

Fear Factor 

His mentioning of the mines is interesting - this 'lefter' Labour would hope to reverse the slide to the right which happened in British politics during Margret Thatcher's time in office. That slide was, in part, facilitated by a split in the Labour party as it swung to the left in the 1980s - a new split in the Labour Party could have a similar effect, consolidating conservative power.

It has been suggested that a Corbyn victory represents the end of The Labour Party as we know it, as it would lose the support of the centre-left, becoming a smaller, and more-left wing party which would pick up disillusioned Green Party and UKIP supporters.

Immediately, this will put all Labour MP's on the spot when they are asked if they would support Jeremy Corbyn in a bid to become Prime Minister.

They can potentially damage their political credibility by endorsing his far-left ideology - or step out of line with a swing to the left among the British public and risk alienating already disillusioned Labour supporters.

Plotting...

Michael Crick, Channel 4 News’ political correspondent joined Newstalk Breakfast today to discuss the leadership race - he warned that if Jeremy Corbyn is elected many Labour party members will be "plotting from day one to get rid of him." 

He says that the new leader will be taking on the "most difficult job in British politics" - without the support of the majority of Labour staff.

He could face an immediate problem forming a shadow cabinet without the support of centrist MPs who will not agree to take places in a shadow cabinet under his leadership.