Ukip donor and Leave.EU co-founder Arron Banks is apparently "taking stock" of his plans to launch a new right-wing group after Diane James' election as Ukip leader, a source close to the situation told IBTimes UK.

The multimillionaire revealed he was planning a right-wing version of Momentum, the grass-roots driven pro-Jeremy Corbyn pressure group, in the wake of the EU referendum.

Banks is expected to call the organisation The People's Movement and will use similar social media tactics to Leave.EU, which campaigned for a Brexit and unsuccessfully backed Andrea Leadsom for the Conservative leadership.

Banks, an insurance tycoon, threw his support behind James for Ukip's leadership after the party's migration spokesman Steven Woolfe was blocked from the ballot for handing his application in late.

James is a Nigel Farage ally and has vowed to "professionalise" the party after years of infighting between the Eurosceptics. Banks has since reportedly vowed to continue donating to the party, but a source told IBTimes UK he would have likely stopped if James was defeated.

Farage's movements are also expected to be a key consideration for The People's Movement plan.

The Eurosceptic firebrand may have resigned as Ukip leader, but he will continue to lead his party's group of MEPs in the European Parliament and keep up appearances in the media.

Just yesterday Farage appeared on ITV's Loose Women show and the Brexit vote, followed by an appearance at a Donald Trump rally in the US, has seen him become a regular talking head on Fox News.

There has also been talk of a European tour. "One of the joys of not continuing as party leader is having more time, so I will be travelling around Europe helping other independence movements, but I won't be telling them how to vote," he told Politico in July.

The People's Movement plan is part of a wider a shake-up of the Westminster village in the wake of the EU referendum.

Stronger In, the official Remain campaign, has since rebranded to Open Europe, while some of the most prominent campaigners of the Vote Leave campaign, including Labour's Gisela Stuart, have set-up Change Britain.

Farage's spokesman had not responded to a request for comment, and IBTimes UK also attempted to reach Banks' spokesman for comment.