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Tom Watson is preparing a dramatic bid to strip Jeremy Corbyn of his power base by changing how Labour elects its leaders.

Mr Watson is set to table an overhaul of Labour Party rules at the national executive committee (NEC) meeting this month, the Mirror understands.

The Deputy Leader wants to scrap the 'one member one vote' system used for electing Labour leaders, and restore the old ‘electoral college’ which gave an equal say to party members, trade unions and Labour MPs.

His package of reforms would also restore shadow cabinet elections, stripping further power from the hands of Mr Corbyn.

(Image: Getty)

A spokesman for Mr Watson declined to comment, but it is understood the Deputy Leader sees the reforms as a way to reunite the party after a disastrous summer.

But the plan will be fiercely opposed by Mr Corbyn, whose power base relies upon his support among rank-and-file party members. The rule change would dent his prospects in any future leadership contest.

Mr Corbyn's allies are considering rival rule changes designed to strengthen the leader's hand.

One Labour source said some in the party view Mr Watson's plan as “our last chance”.

The source said: “It’s do or die time. Assuming Corbyn wins the leadership contest, they will move to tighten their grip.

“They will stuff the NEC with new supporters and then force a vote of no confidence in (Labour general secretary) Iain McNicol.

“Once he is out of the way, they will parachute in a Corbynista and starting taking over all the main jobs in the party.”

The Mirror understands Mr Watson’s proposals have been drafted out in detail, but his office are refusing to comment as they assess if they have the numbers to win a vote of the NEC - which is finely balanced between pro- and anti-Corbyn supporters.

(Image: Ben Pruchnie/Getty Images)

The first shots in the looming battle were set to be fired next week when NEC members met for an informal away-day.

But that event was abruptly cancelled tonight by the leader's office.

Nonetheless if Mr Watson believes he has a chance of success, the measures will be put to a formal NEC meeting later this month ahead of a crunch vote at the party conference in Liverpool, which starts on September 25.

Speaking to the Mirror tonight, a spokesman for Mr Corbyn's campaign team hit out at the plan.

(Image: Getty)

"This would be a step back in terms of party democracy," he said.

"Any measures to withdraw members' rights such as these should not be rushed through at the last minute with only a few weeks left before conference.

"And trying to push through something like this under the current NEC would send an anti-democratic message, and be a sign of contempt towards our members. "

Mr Watson first revealed he favoured a shake-up of Labour Party rules last month, saying former leader Ed Miliband had made a “terrible error of judgment” by ditching the electoral college system and shadow cabinet elections.

(Image: Trinity Mirror)

Allowing MPs to elect the shadow cabinet has huge support among the Parliamentary Labour Party , and the idea will be debated at their weekly meeting when the Commons returns on Monday.

It comes after weeks of tension between Mr Corbyn and Mr Watson following the mass resignation of the shadow cabinet in June.

The Mirror revealed last month how the Labour leader could target his deputy as part of a 100-day action plan after he retains the leadership.

Mr Corbyn’s allies want to impose a time limit on Mr Watson’s term as deputy leader, and then change Labour rules so that next time a woman must be given one of the party’s top two jobs.

(Image: PA)

Another plan now under consideration in the leader’s office involves trying to strip Mr Watson of the party chairmanship that currently comes as part of the deputy leader’s role.

It would then be handed to Corbyn ally, such as the new shadow education secretary Angela Rayner.

The 100-day strategy also includes forcing out general-secretary Mr McNicol and purging key staffers deemed unhelpful, while seeking to build bridges with angry MPs.

A source in Labour HQ said the atmosphere there is now “grim”, with many staff members considering their futures.

“We know the writing is on the wall,” one said.

“But Iain won’t go without a fight, and neither will the rest of us.”