Nigel Farage predicts date Labour civil war will force Keir Starmer to call early general election

Mr Farage said: "The markets are getting nervy. We’ve seen this with 10 and 30-year gilt yields.

"In fact, I think my own view is that in two budgets’ time, the markets will actually force the Chancellor into what will be a genuine austerity budget, at which point the left in the Labour Party won’t buy it.

"And it’s why I still stand by my prediction that there will be a general election, caused by economic collapse that will happen in 2027.”

Opinion polls suggest Mr Farage might yet win the next general election, with YouGov's recent MRP poll putting Reform UK just short of an overall majority.

However, today was not the first time the Reform UK leader predicted that Labour would need to hold an early general election.

Mr Farage made a similar prediction in August when he was unveiling Reform UK's plan to deport illegal migrants.

He doubled down on an early poll during his keynote speech at Reform UK's annual conference in Birmingham in early September.

Despite preparing for a 2027 poll, the power to call an early general election lies with the Prime Minister.

However, Mr Farage's comments about the left of the Labour Party appear to suggest that the Reform UK leader believes a backbench rebellion could see Sir Keir Starmer lose a no-confidence vote.

Ex-Labour leader Jim Callaghan was the last Prime Minister to lose a confidence vote, with SNP switchers forcing an early poll in 1979.

There have been thirteen unsuccessful no-confidence votes since Margaret Thatcher came to power following Mr Callaghan's Commons defeat.

More than three million people last year put pressure on Sir Keir to call an immediate general election by signing a petition on Parliament's website.

A second petition, which is yet to be approved for a Westminster Hall debate, received more than one million signatures.

Sir Keir rejected both calls for a snap poll, instead pointing out that the power to call a general election lies with the Prime Minister.

The Dissolution and Calling of Parliament Act, which replaced the now-repealed Fixed Term Parliaments Act, ensures the latest date for the next general election to be held is August 21, 2029.

However, Mr Farage used his speech today to set out Reform UK's fiscal policy ahead of the next general election.

Mr Farage pledged that Reform UK would lead the "most pro-business" Government in modern history.

The Clacton MP also promised sweeping deregulation as he warned that the UK had "squandered" Brexit.

Mr Farage said: "One of my own great frustrations is that Brexit has been squandered.

"The opportunity to sensibly deregulate, the opportunity to become competitive globally, all of that has been squandered.

"And the worst thing is that regulations and the way regulators behave with British business is now worse than it was at the time of the Brexit referendum vote."

However, Mr Farage separately looked to alleviate public concerns about Reform UK's ability to manage the economy.

Rowing back on his previous pledge to instigate £90billion worth of tax cuts, Mr Farage warned slashing levies was "not realistic at this current moment in time".

He added: "We want to cut taxes, of course we do, but we understand substantial tax cuts given the dire state of debt and our finances are not realistic at this current moment in time.

"There are some relatively modest things we would do: We would immediately remove IHT from family farms and from family-run businesses, and we will raise the thresholds at which people start to pay tax to begin the process of getting people out of the 16-hour a week working debt trap that so many people find themselves in."

A Labor spokesman said: “Nigel Farage has promised a return to damaging austerity, taking an axe to public services, with no cuts off the table. He complained the minimum wage is too high for young workers, while doubling down on his golden giveaway to foreign billionaires.

“Reform would slash the NHS, schools, and pensions - and cancel Labour’s investment in local roads, rail, and clean energy, putting millions of jobs at risk and wreaking havoc on family finances."