Liz Truss has just over a week to save her premiership, according to former cabinet minister Grant Shapps.

Following the prime minister’s U-turn on the 45p tax rate, Shapps said she has “a limited period of time to turn things round”, starting with her speech to the Conservative conference later today.

With many Tory MPs fearing the loss of their seats in the general election, Shapps suggested it may be wise to “roll the dice” by appointing a new party leader in a bid to improve their fortunes in the opinion polls.

One opinion poll this week gave Labour a 56-seat overall majority if there was an election held today.

Shapps told the press: “I think these next few days, by definition, is obviously the key moment. The next 10 days, of course, is a critical period, that goes without saying.

“It doesn’t mean it’s the end moment, one way or the other, it doesn’t mean that time will stop after 10 days.

“But I think it’s really important, if she’s going to turn it around, this is the time to do it.”

He added: “She’s got a conference speech to make after a very difficult few days, she’s got the MPs coming back together again for the first time since things became choppy.”

Conservative party rebels are reported to be considering sending in letters of no-confidence in Truss’s leadership.

Discussing the possibility of a Tory leadership contest only weeks into Truss’ premiership yesterday, radio presenter Andrew Marr branded the moves as “mad as cheese”.

Further political uncertainty would have a negative impact on the housing market.