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Labour could slump to 140 seats in the next general election, the Fabian Society warns today in a landmark report.

The non-factional group, affiliated to Labour, says the party is too weak to win a general election – whether held this year or in 2020 – but that it is unlikely to be replaced as the main opposition party as the electoral system creates a “firebreak” that protects the party.

Labour’s current polling numbers would translate into fewer than 200 seats. However the report cautions that mid-term polling has previously overstated Labour’s support by around eight per cent, which could mean as few as 140 seats at the next election. It would remain “by far the largest opposition party”, the report adds, stating that “the party does not face oblivion and will be able to rebuild”.

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Jeremy Corbyn will step down before the 2020 general election if Labour’s prospects are “still awful”, Unite boss Len McCluskey has suggested.

The head of Britain’s biggest trade union – and a crucial ally of the Labour leader – used a New Year interview to raise the prospect of Mr Corbyn throwing in the towel.

Mr McCluskey said: “Let’s suppose we are not having a snap election. It buys into this question of what happens if we get to 2019 and opinion polls are still awful.

“The truth is everybody would examine that situation, including Jeremy Corbyn and John McDonnell.”

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"We're right behind you" Brutus advised Caesar.