Britain's opposition Labour Party leader Jeremy Corbyn | Justin Tallis/AFP via Getty Images Labour has no chance in next UK election: report Jeremy Corbyn’s party ‘too strong’ to die, ‘too weak’ to govern alone.

Support for Jeremy Corbyn's Labour Party may fall below 20 percent at the next British general election, according to a report by the Fabian Society.

Labour is on course to win fewer than 200 seats for the first time since 1935, according to projections based on recent polls. The party "could soon cease to be a nationally competitive political force," the report by the socialist organization predicted.

While Prime Minister Theresa May's Conservatives have become the "party of Brexit," Labour has lost Remain voters to the Liberal Democrats in recent by-elections because its position on Brexit is "muffled and inconsistent," the society claimed.

Labour has lost 400,000 voters since the last election among the Leave camp and 100,000 among Remain, according to YouGov data cited in the report.

The threat of the U.K. Independence Party, now led by Paul Nuttall, has been exaggerated, the report said, given UKIP has lost twice as many votes to the Conservatives as it has gained from Labour.

Labour will survive, according to the Fabian Society, but has no realistic chance of winning the next election outright and must get used to working alongside others "in an era of quasi-federal, multi-party politics."

"Labour is too strong to be supplanted by another opposition party; and too weak to have a realistic chance of governing alone," the report said.