16:15 BREAKING NEWS:The Guardian are breaking news that the prominent leftwing MP, John Mcdonnell intends to stand for the Labour Leadership.
He will be now third candidate alongside the former Foreign Sectary David Milliband and Ed Milliband.
He said on the BBC NEWS Channel he thinks he may have not a good chance to get on the ballot paper because of the new rules shortening the time to stand for a candidate. He called it a "fix" and derided his party for making the same mistake from the coronation of 2007 Leadership Election. He accused Labour hierarchy of 'steamrollering' for the 'favoured sons', i.e the Milliband brothers and Balls.