"THE best argument against democracy is a five-minute conversation with the average voter," said Winston Churchill in one of his most deliciously cynical quips.

Victory for the Leave campaign has already robbed Britain of its much-prized AAA credit rating, sent sterling plunging to a 31-year low against the dollar, and hammered the share prices of major employers.

The decision by the majority of voters to opt out of the EU may yet turn out to be one that yields short term pain and long term gain for the UK economy. One can only hope that is the case, but right now a lot of what we took for granted is under threat.

The Labour party is suffering its own existential crisis brought on by the democratic process.

Jeremy Corbyn was swept to power by a tidal wave of popular support from Labour members but has the time come for him to admit the party is drowning under his stewardship?

At a time when Labour should be tearing into David Cameron for losing the EU referendum, and exploiting divisions within the Tory ranks, it is once again riven by internal strife.

Mr Corbyn continues to command huge support from the party's 400,000 rank and file members who backed him just nine months ago. He could sit tight and even if he felt pressured into holding another leadership election he would doubtless win a second thumping majority. No other candidate can currently surpass his appeal to the grassroots.

Democracy says that Mr Corbyn is the right man for the job, but without the support of his party in parliament he is a man with masses of support among members but no real power to make a difference.

He may continue to be a figurehead for idealists, and disaffected lefties who felt the Blair and Brown years robbed Labour of its identity, but if his own party are directing their ire at him rather than at Mr Cameron then something is seriously amiss.