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UKIP has a new source of woe tonight as it faces a £168,500 bill for its collapse in the general election.

Some 337 of the party's candidates lost their £500 deposits as voters deserted Paul Nuttall's party and went back to Labour and the Tories.

Mr Nuttall himself, who has quit as leader after coming third in Boston & Skegness, was one of just 41 candidates who managed the 5% vote share needed to keep their payment.

UKIP's bill was still less than the £187,500 for the Lib Dems and £227,500 for the Greens.

But what marks it out is the huge increase since UKIP's successful performance in 2015 - the bill is more than four times bigger.

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It's because the party's vote tally was down from nearly 4million in 2015 to just over 500,000 this time as voters flooded out to both Labour and the Tories.

Mr Nuttall's chaotic exit - after facing a backlash even within his own party over his burqa ban - means UKIP will have its fourth leader within just one year.

Long-serving Nigel Farage gave way last September to new leader Diane James but she quit after just 18 days.

Mr Nuttall then took the helm but faced a backlash after fake claims in his name emerged that he has lost a close personal friend at Hillsborough.

Despite the catastrophic result for his party Mr Nuttall today claimed the political tide would go back in for UKIP.

He said: "I even predict after last night that if things go the way I expect then UKIP could in 18 months' time be bigger in terms of poll rating sand members than it's ever been before.

(Image: PA)

"However it will not be with me as its leader.

"I am standing down today as the leader of UKIP with immediate effect.

"That will allow the party to have a new leader in place by the conference in September."

He added: "It is clear that Ukip requires a new focus, new ideas and a new energy - and it is there amongst out ranks.

"I think, regardless of the score last night, I have laid the foundations for the future in this General Election campaign but it will be for someone else to build on those."

Asked about a future role for former leader Nigel Farage, Mr Nuttall said: "If Nigel Farage wants to come back, I would be more than happy to do a job swap. I'll take his slot on LBC and he can come back as leader of Ukip."

Asked what next, Mr Nuttall replied: "What now for me? Holiday. Or if that bar is open, a pint."