Morning Call: pick of the papers

The ten must-read comment pieces from this morning's papers.

1. Austerity Labour is on its way and Ed Balls is leading the charge (Daily Telegraph)

The shadow chancellor must save money – and the NHS – if his party is to win the general election in 2015, writes Mary Riddell. 

2. The challenges of a post-crisis world (Financial Times)

Nations must nurture recovery and promote reform, writes Martin Wolf. Co-operation and communication should be the order of the day.

3. One tax rise too far and suddenly . . . crash! (Times)

Labour thinks it can increase tax on wealth creators without consequence, writes Daniel Finkelstein. Eventually it will reach a tipping point.

4. RBS is the people's bank. So let's stop this annual festival of bribery (Guardian)

Bonus culture has become so warped that bankers presiding over losses of £8bn still think they deserve a reward, writes Simon Jenkins. 

5. After a decade of pre-eminence, the balance of the world economy is tilting away from the BRICS (Independent)

While these countries were growing so fast we tended to ignore the warning signs, writes Hamish McRae. 

6. Our workplaces are about as family-friendly as a 19th-century mill (Guardian)

Maternity leave, sick pay, the minimum wage – the ability to claim these vital rights has been torched by our zero-hours economy, writes Zoe Williams. 

7. Will Obama stand with Japan against China? (Times)

Washington’s weakness – from Kiev to Damascus – has encouraged Beijing to assert itself, says Roger Boyes.

8. Imagine the explosion of growth if we got serious about tax-cutting (Daily Telegraph)

Those on the lowest incomes should pay no tax at at all; while the hard-pressed middle class should face a flat tax, says Allister Heath. 

9. Politicians must lead on immigration (Financial Times)

If we want the world’s best ideas we need innovators living among us, writes Gus O’Donnell.

10. Why I'm speaking up for Islam against the loudmouths who have hijacked it (Guardian)

I tweeted a cartoon of Jesus and Mo, writes Maajid Nawaz. My aim was to carve out a space where Muslims can be heard without fearing the blasphemy charge.

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This is no time for a coup against a successful Labour leader

Don't blame Jeremy Corbyn for the Labour Party's crisis.

"The people who are sovereign in our party are the members," said John McDonnell this morning. As the coup against Jeremy Corbyn gains pace, the Shadow Chancellor has been talking a lot of sense. "It is time for people to come together to work in the interest of the country," he told Peston on Sunday, while emphasising that people will quickly lose trust in politics altogether if this internal squabbling continues. 

The Tory party is in complete disarray. Just days ago, the first Tory leader in 23 years to win a majority for his party was forced to resign from Government after just over a year in charge. We have some form of caretaker Government. Those who led the Brexit campaign now have no idea what to do. 

It is disappointing that a handful of Labour parliamentarians have decided to join in with the disintegration of British politics.

The Labour Party had the opportunity to keep its head while all about it lost theirs. It could have positioned itself as a credible alternative to a broken Government and a Tory party in chaos. Instead we have been left with a pathetic attempt to overturn the democratic will of the membership. 

But this has been coming for some time. In my opinion it has very little to do with the ramifications of the referendum result. Jeremy Corbyn was asked to do two things throughout the campaign: first, get Labour voters to side with Remain, and second, get young people to do the same.

Nearly seven in ten Labour supporters backed Remain. Young voters supported Remain by a 4:1 margin. This is about much more than an allegedly half-hearted referendum performance.

The Parliamentary Labour Party has failed to come to terms with Jeremy Corbyn’s emphatic victory. In September of last year he was elected with 59.5 per cent of the vote, some 170,000 ahead of his closest rival. It is a fact worth repeating. If another Labour leadership election were to be called I would expect Jeremy Corbyn to win by a similar margin.

In the recent local elections Jeremy managed to increase Labour’s share of the national vote on the 2015 general election. They said he would lose every by-election. He has won them emphatically. Time and time again Jeremy has exceeded expectation while also having to deal with an embittered wing within his own party.

This is no time for a leadership coup. I am dumbfounded by the attempt to remove Jeremy. The only thing that will come out of this attempted coup is another leadership election that Jeremy will win. Those opposed to him will then find themselves back at square one. Such moves only hurt Labour’s electoral chances. Labour could be offering an ambitious plan to the country concerning our current relationship with Europe, if opponents of Jeremy Corbyn hadn't decided to drop a nuke on the party.

This is a crisis Jeremy should take no responsibility for. The "bitterites" will try and they will fail. Corbyn may face a crisis of confidence. But it's the handful of rebel Labour MPs that have forced the party into a crisis of existence.

Liam Young is a commentator for the IndependentNew Statesman, Mirror and others.