Former Conservative Cabinet minister Jacob Rees-Mogg could return to Parliament in a possible by-election North Somerset for Reform UK "if he sees the light", one of the party's leading figures has said.

Arron Banks - who was dubbed one of the "bad boys of Brexit" after he helped to fund one Nigel Farage's Brexit campaign at the 2016 European Union referendum - also said that Farage had a 2/1 chance of being Prime Minister after the next general election.

There is speculation in Westminster that a by-election could be eventually be held in North East Somerset and Hanham after the sitting MP Dan Norris was arrested on suspicion of rape and child sex offences in April. Norris, who has not been charged, was immediately suspended from the Labour Party.

Norris represented the seat from 1997 until 2010 when he was unseated by Conservative Jacob Rees-Mogg. He won his seat back at last year’s general election from Rees-Mogg, with a majority of 5,319, with Reform in third.

Arron Banks urged Rees-Mogg to cross the divide

There has been speculation that Rees-Mogg - a presenter on GB News - could jump ship and fight the seat as a Reform UK candidate, although senior Tories have told GB News that they consider this to be unlikely.

In an interview with today's Chopper's Political Podcast, Arron Banks, a senior ally of leader Nigel Farage who came second as Reform UK's candidate in the West of England mayoral elections, said Rees-Mogg could stand in the seat for Reform UK "if he sees the light".

Arron Banks joined Christopher Hope on GB News

And if Rees-Mogg fought the seat for the Tories, Banks - whose family home us just outside the constituency - said he would stand himself. "I'll take him on and win," he said. "That seat formed part of the West of England... so I would have high hopes."

Asked if a by-election battle between Banks and Rees-Mogg was one of the most recognisable Eurosceptics in the last Tory government would be a "battle of the Brexiteers in North Somerset", Banks replied: "Absolutely."

Rees-Mogg declined to comment.

Separately Banks said Farage was now had a 66pc to be Prime Minister after the next general election whose party Reform UK was benefitting from "the total disillusionment with Labour and Conservative Party".

He said: "If they think it's just a flash in the pan going away, I think they're sadly mistaken." Asked for odds of Farage becoming PM, Banks said: "I'd say 2/1 at the moment, but it is getting better.