A defiant Jeremy Corbyn has insisted Labour will not lose seats in this week’s local elections in England despite experts suggesting it could face losing around 300 and he accused the media of being “obsessed” with his leadership as senior backbencher Dame Margaret Hodge is touted as a possible stalking horse challenger.

Speaking in London this morning the Labour leader stressed that the row over anti-Semitism in his party was “being dealt with" by the independent investigation led by former Liberty chief Shami Chakrabarti.

Mr Corbyn repeatedly refused to answer when asked several times at a campaign poster launch in London’s Elephant and Castle whether or not he thought the row, sparked by online comments from Bradford MP Naz Shah, was an attempt to destabilise his leadership.

And the 66-year-old politician made clear he would carry on if there were a challenge to his control of the party after the May 5 elections in Scotland, England, Wales and London amid increasing reports some Labour MPs are ready to mobilise against him.

Dame Margaret is said to be considering a request from parliamentary colleagues to stand against Mr Corbyn to trigger a leadership contest.

Those involved in the potential challenge are believed to be close to signing up the 50 fellow Labour MPs needed. Much could rest on how well or badly Labour does on Thursday.

Thursday’s raft of polls will provide the first electoral test for the party leader.

Labour sources have suggested bad results in Scotland have been “factored in”; the party could lose its working majority in the Welsh Assembly and, despite the leader’s confidence, election experts believe the official Opposition could lose anywhere between 200 and 300 council seats in England. The only silver lining could come in the form of a Labour victory in the London mayoral race for Sadiq Khan.

Last week, Mr Corbyn cancelled a planned campaign visit to Wales at the request of Welsh Labour as the anti-Semitism row broke. Earlier this week, Kezia Dugdale, the Scottish Labour leader, admitted her party’s campaign in Scotland had been damaged by the anti-Semitism row. The Labour leader was in Edinburgh three weeks ago and John McDonnell, the shadow chancellor, was in Glasgow at the weekend.

The party leader told reporters at the poster launch: "It is time, quite honestly, that many in the golden circle of the media Establishment actually got out a bit and listened to what people are saying.

"Many in the media are obsessed with this rather than what they should be obsessed with, which is the devastating crisis of inequality in our society."

He went on: "I don't know who these Labour MPs are but I would advise every member of the party, including our MPs, (to) get out there on the doorstep and campaign; we have two days to go."

The party’s election poster read: "Elections are about taking sides. Labour is on yours."

Mr Corbyn added: "We are not going to lose seats, we are looking to gain seats where we can."