In his most outspoken outburst yet, the former Tory Cabinet minister suggested the “short term pain” of hard-Left rule in Downing Street would be preferable to the “long-term” effects of leaving the EU.
He also claimed Labour may give up its ambivalent stance on Brexit and back staying in the EU, leaving the Government “holding the baby”.
His remarks are likely to enhance is reputation as one of the most extreme opponents of Brexit in Tory ranks and will irritate Leave campaigners.
Lord Heseltine, who was deputy prime minister in John Major’s Tory government in the 1990s, spoke out in an interview for The Limehouse Podcast, an online political news channel that usually features Lib Dem politicians.
Asked what could happen under five years of a Corbyn government, he said: “Well, we have survived Labour governments before.
“Their damage tends to be short-term and capable of rectification.
“Brexit is not short-term and is not easily capable of rectification.
“There will be those who question whether the short-term pain justifies the avoidance of the long-term disaster.”
Lord Heseltine went on to claim that public opinion was already beginning to turn against Brexit.
He speculated that the Labour Party would end up changing its current position to one in favour of staying in the EU.
“If you look at the polls there is probably a bigger majority against Brexit than the referendum secured but that, I think, will continue to happen and it will become more and more unpopular as people realise what it’s all about,” he said.
“When that happens, the Labour party will move, and the present government will be left holding the baby.
“But then you have got to realise the present government is supported by large numbers of people as opposed to Brexit as I am.
“How long will they remain within the tribe and loyal to the party?”
The Tory peer insisted he was still an opponent of Mr Corbyn.
But Lord Heseltine went on to say that the “most interesting thing about Jeremy Corbyn is that he is now considered to be a potential prime minister”.
He added: “People of my generation could never have anticipated that.
“He was always someone to the extreme of his party arguing causes for which there was virtually no support within his party.
“But such is the dynamic of Brexit that he is now seen as a potential prime minister.”
Lord Heseltine suggested a second EU referendum could halt Brexit, adding: “Personally I would rather parliament to do it either if this present parliament became hostile or because in an election the issue was rethought and a subsequent parliament did it.
“My preoccupation is ending Brexit: the means, well anything to hand.”