LONDON - Former leader of Britain's Labour Party Jeremy Corbyn confirmed on Thursday that he is setting up a new political party with former Labour member of parliament (MP) Zarah Sultana, aiming to "take on the rich and powerful".

On his social media page, Corbyn announced that the new party is currently named Your Party. In a joint statement, he and Sultana pledged to tackle injustices, declaring that "the system is rigged".

"The system is rigged when 4.5 million children live in poverty in the sixth-richest country in the world. The system is rigged when giant corporations make a fortune from rising bills. The system is rigged when this government says there is no money for the poor, but billions for war," the statement said.

The new party advocates for a redistribution of wealth and power by taxing "the very richest" in the country, removing privatization from its National Health Service, and bringing energy, water, rail, and mail services into public ownership.

In addition, the party proposes major investment in a large-scale council house building program and pledges to stand up to fossil fuel giants who "put profits before our planet".

Corbyn and Sultana also vowed to continue calling for an end to all arms sales to Israel and to support the establishment of a free and independent Palestine.

After being sidelined by the Labour Party under current leader Keir Starmer, Corbyn has served as an independent MP for Islington North. Last year, he joined four other independently elected MPs to form an alliance in the House of Commons.