The UK Independence Party, which campaigns on a platform of withdrawal from the European Union, launched its manifesto today with a claim that pulling out of Europe would save tens of billions of pounds.

And it said it would use the cash saved to drive down the deficit faster than the other political parties. After securing the election of 13 MEPs in the last European elections, Ukip is hoping to make a breakthrough with the election of its first MP in a Westminster election.

In particular, it is targeting the Buckingham constituency of Commons Speaker John Bercow, where the party’s former leader Nigel Farage is standing.

The current leader, Lord Pearson of Rannoch, has said that the party will not field candidates in constituencies held by MPs who it is satisfied are opposed to Britain’s membership of the EU.

It has already named three well-known Conservative Eurosceptics – Philip Davies, Douglas Carswell, and Philip Hollobone – who it will not run against.

However in Shropshire Christopher Gill, who served as Ludlow’s Conservative MP from 1987 until 2001, is standing for Ukip in his old seat – this time in opposition to the Tories’ Philip Dunne.

Mr Gill, who was often at odds with the Tory high command over Europe during his time as an MP, announced in 2006 that he had joined Ukip.

With Mr Dunne defending a majority of just over 2,000 over the Lib Dems, Mr Gill’s entry into the Ludlow fray – in which he will be more likely to take votes from the Tory camp than the Lib Dems – could have a significant impact.

Lord Pearson said withdrawing from the EU was essential.

He warned otherwise “we can’t do anything about the two main issues of this election – which are the deplorable and very worrying state of our economy and immigration”.

He told BBC Radio 4’s Today programme there were estimates that the EU cost the UK up to £120 billion a year.

“We are talking about colossal figures on the economic side,” he added.

Lord Pearson also claimed that one of the Conservatives’ biggest financial backers is “working from within” the party to try to shift it in a more Eurosceptic direction.

He said that Henry Angest was one of a group of Tories who were “very disappointed” that leader David Cameron had not offered a referendum on quitting the European Union.