Reform UK has surged to a 10-point lead over Labour, intensifying debate over the viability of the two-party system and fuelling speculation about a potential shift in the political landscape.

MPs have been recalled to pass emergency measures safeguarding a major steel plant, with the PM warning that the nation’s economic security and thousands of jobs are on the line, and that nationalisation may be considered to protect essential industrial capacity.

The PM and key officials are holding emergency discussions to protect the nation’s economy, addressing market instability and growing concerns over a potential global downturn.

Polling suggests that Reeves’s plan is almost as disliked as the Truss Budget, prompting concerns over household finances.