MPs: Economy does not need reckless flamboyance ... Hammond must stay

damaging the Government and the economy. The Chancellor is doing a good job. His staying at the Treasury is important to ensure economic confidence.”

The Chancellor has been accused of being too timid and pessimistic on Britain’s prospects after Brexit. However, former transport minister Stephen Hammond said: “Philip Hammond needs to stay. The UK economy does not need reckless flamboyance.”

Highlighting the upcoming EU summit and the talks preceding them, Tom Tugendhat, who chairs the Commons foreign affairs committee, added: “These are the toughest negotiations we will ever have to conduct.

“It’s essential we try to keep the team that is delivering and that has got the confidence of the markets. Interest rates are at historic lows because investors around the world trust the British economy because the Chancellor is delivering. Now is not the time for him to move.”

Prisons minister Sam Gyimah urged his party to turn its fire on Labour. “We need to speak clearly with one voice for what we are for and shout about our record for the last seven years because no one else will,” he wrote on the Conservativehome website.

“We cannot be the tired heavyweight in the twilight of their career landing a few punches. We need the energy and urgency of the underdog to go on the attack, block Labour’s counters and go for the knock-out blow because ... the future of our country is at stake.”

Mr Hammond was under huge pressure today to deliver a Budget that would put the Tories on the front foot as the Government is battered by Brexit, the sexual harassment storm in Parliament and a slowdown in economic growth. However, Downing Street is said to have intervened yesterday amid warnings that the Treasury’s handling of the build-up to the Budget has been lacklustre. A story on schools was then reportedly rushed out.

The Chancellor was under added scrutiny today after being forced to ditch within days a plan in the spring Budget to increase National Insurance rates for self-employed people. The proposals were heavily criticised as breaking a 2015 manifesto pledge.

Since then, Mr Hammond has angered some Tory MPs by arguing for a Brexit deal aimed heavily at protecting the economy and jobs. One minister warned there could be “no excuses” if this Budget goes wrong, adding: “He will stand or fall by it.”

Another former minister stressed: “If he flops again, he is done.” But one MP supporting a “soft Brexit” said: “Some of them are just so obsessed with a hard Brexit that they are gunning for the Chancellor.” @nicholascecil

‘We need the energy and urgency of the underdog to go on the attack and block Labour’s counters’ Sam Gyimah