Reform UK has become the largest political party in Britain by membership after Labour’s share slumped by 100,000.

Internal figures showed Labour has fallen below 250,000 in paid-up members since the 2024 General Election.

Meanwhile, Reform UK’s membership total stands at 268,703 on its live counter, just 12 months after overtaking the Tories on 131,680 on Boxing Day.

Responding to the milestone moment, Reform UK leader Nigel Farage said: “As we have suspected for some time, Reform is now the largest political party in British politics — a huge milestone for us. The age of two-party politics is dead.”

Reform’s glee comes as card-carrying Labour members leave Sir Keir’s party in their droves.

When Sir Keir became Labour leader, the party’s membership stood just below the record-busting 550,000 that was amassed under Jeremy Corbyn.

However, the figure nosedived to 432,000 by December 2021, later tumbling to 333,235 members last year.

The Green Party and Your Party have both benefitted from Labour’s woes.

Following Zack Polanski’s leadership victory in August, the Green Party’s paid-up base surged from just 60,000 to 180,000 in October.

Your Party, which was set up by Mr Corbyn earlier this year, has also drawn 50,000 members, albeit the figure is well short of the 800,000 who expressed interest after its launch in July.

Despite Mr Farage hailing today as a major milestone for Reform UK, Labour refused to confirm if Labour’s support had slumped below 260,000.

“Our membership figures are published in our annual report,” a Labour Party spokesman said.

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“We do not give a running a commentary on them throughout the year.”