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UK lawmaker Eagle launches challenge to Corbyn to lead Labour Party

Reuters with CNBC

British opposition Labour lawmaker Angela Eagle launched her bid to take over the leadership of the party on Monday, saying its current leader Jeremy Corbyn was unable to defeat the ruling Conservative Party.

"Today I am announcing my decision to stand for the leadership of the Labour Party," Eagle said in a speech to kick off her campaign.

Labour Party MP Angela Eagle holds a press conference on July 11, 2016, to launch her bid for the leadership of the main opposition Labour Party.

"Jeremy Corbyn is unable to provide the leadership that this party needs - I believe I can. I am not a Blairite, I am not a Brownite and I am not a Corbynista, I am my own woman," she said.

Corbyn was chosen as Labour leader last year on a wave of support from the party's most left-wing activists. But he has clashed with its lawmakers who overwhelmingly passed a no-confidence motion in his leadership. Many have accused him of not campaigning strongly enough to keep Britain in the European Union in last month's referendum.

Also on Monday, to become the new leader of Britain's ruling Conservative Party.

The announcement means Interior Minister Theresa May is the sole candidate for the job and will likely succeed David Cameron as British prime minister.