Prime minister Liz Truss is already facing attempts by fellow Conservative MPs to trigger a vote of no confidence, it has been claimed.
Just 20 days after the South West Norfolk MP became prime minister, there are reports concerned Tory MPs are already sending letters to the 1922 Committee chair Sir Graham Brady, in an attempt to trigger the no confidence vote.
Sky News reported a source - an unnamed Tory MP who served as a minister under Ms Truss's predecessor Boris Johnson - as saying her government was "playing A-level economics with people's lives".
The source claimed letters to the 1922 Committee had been submitted.
They said: "They are already putting letters in as they think she will crash the economy."
Chancellor Kwasi Kwarteng unveiled his mini-budget – which outlined the biggest programme of tax cuts for 50 years and more than £70bn of increased borrowing – on Friday.
Following those announcements, the pound plunged to an all-time low against the US dollar.
Sterling hit its lowest level against the dollar since decimalisation in 1971, falling by more than 4pc to just 1.03 dollars in early Asia trading, before appearing to settle at around 1.07 dollars by early Monday afternoon.
The euro also hit a fresh 20-year low against the dollar and experts warned the pound’s plunge will send the cost of goods soaring even higher.
That could worsen the cost-of-living crisis, experts warned, while it also means it will be more expensive for the government to borrow money.
Asked by Sky News about the slide, Norwich North MP Chloe Smith, the government's work and pensions secretary, said: “I am not going to be able to comment on particular market movements and there are various factors that always go into those.
“But the government is absolutely focused on delivering the growth package as we set out, with various ways that we will be helping both businesses and households to move ahead to growth, and, as I say, to greater opportunity."
Ms Truss's official spokesman told reporters on Monday that Downing Street would not be commenting on market fluctuations.
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