Nigel Farage, leader of the Reform party, has made a "greatest – and probably last – mistake of his political life" by resigning as an MP and triggering a by-election in Clacton, according to political commentators. The move, intended to circumvent investigations into his finances and rally support, has instead opened him up to ridicule and political attacks, analysts suggest.

Chancellor Rachel Reeves formally accepted Farage's resignation, stating it was "a farce and a desperate distraction." The strategy, which Farage and his advisors reportedly believed would be a "game-changing masterstroke," has been widely criticized within the party for its lack of consultation and potential for failure.

Reform insiders have described the situation as a "complete clown show," with recriminations over the by-election ploy already beginning. Concerns have been raised about the party's management structures, with one senior source noting that Farage is "still running things like he’s down the pub with a couple of mates."

Political opponents have seized on the misstep. Conservative leader Kemi Badenoch suggested that in a contest pitting "the people versus the establishment," Farage himself might appear as the establishment, while the satirical candidate Count Binface could represent the people. Count Binface, running on a platform of eccentric policies, is now seen as the benchmark against which Farage's performance will be measured.

The by-election campaign is expected to focus on questions surrounding an undeclared £5 million gift from a crypto-billionaire and financial support from a convicted fraudster, rather than allowing Farage to set the political agenda. This exposure on the campaign trail, rather than from behind his party's communications bunker, is predicted to be damaging.

Commentators also suggest that the move benefits rival parties. Labour sources expressed pleasure, seeing it as providing "Andy" (presumably Andy Burnham) with breathing room. Conservative MPs believe the focus on Farage's financial dealings and the unusual opponent will allow Kemi Badenoch to present herself as a potential prime minister.

Farage, who previously boasted that opponents were no longer laughing at him after Brexit, now faces a situation where, according to one analysis, "When the voters are shouting at you, it's bad. When they're laughing at you, it's over."