The name of the new party is not yet clear, according to Corbyn and his partner Zarah Sultana, independent member of parliament.
"It's time for a new kind of political party. One that has its roots in our communities, trade unions and social movements", say the two in a joint statement.
The two call for a "mass redistribution of wealth and power", and demand that all arms sales to Israel be stopped.
Corbyn, 76, resigned as leader of Labour after the crushing defeat in 2019 against The Conservative Party under the leadership of Boris Johnson. He was considered to represent the left wing of the party.
In 2020, Corbyn was suspended from the party for a few weeks, after having fully refused to accept the result of an investigation into antisemitism within the party.
