Nigel Farage told the Sunday Telegraph: “I sense within me I have not fought my biggest battle yet – that is how it feels. Whether it is happenstance, serendipity, destiny.
“I am not going to lie down and watch it go down the plug hole. I couldn’t do that, and I won’t do that.
“If there are European Parliament elections, I am standing and I am thinking about vehicles do to that.
“I will be looking to get some high profile figures in from across the business and political spectrum.
“I am talking about something very different. I have sounded out a few people.
“I am working on the concepts right now. It won’t be a one off shot, it will be the birth of something much more remarkable than Ukip was.”
In 2014, Mr Farage led Ukip to victory in the European elections, with 24 MEPs and 27 percent of the national vote.
That could therefore offer a much better prospect for him as MEPs are elected on a proportional representation system with seats allocated to parties in proportion to their share of their vote.
Despite details emerging of his planned new political party, Mr Farage insisted he had not planned a return to politics.
He said: “My game plan had been to see Brexit through, move to America for four or five years. I get on well over there, Trump is going to get re-elected so Washington DC is a good place.
“But I have always said that if the ball gets dropped on Brexit I will have no choice but to pick it up. It increasingly looks like that is the case.
“The reason we have got to where we are is cowardice in the Tory party. Those who I thought were on my side have been too cowardly throughout this whole process. They have allowed the Foreign Office, Olly Robbins – everybody to do their worst.”
Only on Tuesday, Mr Farage announced his decision to leave his political party, and writing in the Daily Telegraph, said “there is huge space for a Brexit party in British politics, but it won’t be filled by Ukip”.
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