Labour is “willing to explore” a potential wealth tax, with a former leader suggesting it could substantially raise revenue from higher earners.

Boris Johnson has advised the Tories to ignore Farage, arguing that declining to engage with him previously kept his polling support at negligible levels.

Corbyn, the ex-Labour leader, has launched a new left-aligned initiative aiming to oppose benefit cuts and redefine Britain’s global position, creating a direct challenge to the party’s current leadership.

A sudden drop in sterling followed a £3bn sell-off, triggered by concerns over Reeves’s emotional display and the PM’s doubts about her future, with Labour firmly denying rumours of internal discord.