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The former Leader of the Opposition has had the whip withdrawn after a report into alleged antisemitism in the party under Corbyn's leadership was released by the Equality and Human Rights Commission.
The Labour Party spokesperson said: "In light of his comments made today and his failure to retract them subsequently, the Labour Party has suspended Jeremy Corbyn pending investigation.
"He has also had the whip removed from the Parliamentary Labour Party."
Corbyn's suspension was not as a result of the finding of the report, but because of statements that he has made to the press since the report was published.
The new Labour leader Keir Starmer had earlier dodged the question of whether disciplinary action should have been taken following the damning report.
Presented with the findings of that report, Corbyn argued that the allegations of antisemitism had been 'dramatically overstated for political reasons'.
He also gave a press conference in which he reiterated that claim, adding: "I'm not part of the problem".
The investigation found that the Labour Party under Corbyn's leadership had acted unlawfully when dealing with complaints of antisemitism.
Reacting to the report, Starmer said: "And if - after all the pain, all the grief, and all the evidence in this report, there are still those who think there's no problem with antisemitism in the Labour Party.
"That it's all exaggerated, or a factional attack.
"Then, frankly, you are part of the problem too. And you should be nowhere near the Labour Party either."
In his press conference, when asked if he should resign Corbyn responded: "Of course not,
"I'm proud to be a member of the Labour Party. I joined the party at the age of 16. I've fought racism all my life and I will fight racism for the rest of my life, and as leader of the party I did everything I could to ensure we were an anti-racist party."
The Campaign Against Anti-Semitism has also announced today that they have submitted complaints to the Labour Party against 15 other MPs, as well as Mr Corbyn.
Those complaints include the statement made by Corbyn today.
The CCA has also made complaints against former Labour front-benchers such as Diane Abbott, Richard Burgon, and Barry Gardiner.
The chief executive of the CAA said that Starmer must ensure that the complaints are dealt with 'fairly, efficiently, and transparently' through a new independent disciplinary process to fulfil his promise to remove antisemitism from the party.
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