This is not the time to change Conservative leader. minister argues

Armed Forces Minister James Heappey has defended the prime minister, arguing "this is not the time to be changing leader again".

Mr Heappey said replacing Liz Truss would create more instability during a cost of living crisis and at a time when there is war in Europe.

Suggestions that there is a unity candidate to replace Ms Truss is "for the birds", he added.

Labour is calling for an election regardless of Ms Truss's position.

Ms Truss has insisted she will lead the Tories into the next general election, despite U-turns leaving her battling to salvage her authority.

Speaking the the BBC's Political Editor Chris Mason, Ms Truss apologised for the mistakes she made over the ill-fated mini-budget.

Speaking to Sky News, Mr Heappey also said that "given how skittish our politics are" at the moment "I don't think there's the opportunity to make any more mistakes".

He said Ms Truss had "fronted up to her mistake very quickly" but "there are people in the parliamentary party who don't want that to be the end of it".

The prime minister is chairing a meeting of the Cabinet on Tuesday morning, and is also expected to hold talks later with the European Research Group of Tory MPs, who are on the right of the party.

Ms Truss has been holding meetings with her cabinet ministers and backbench MPs as she tries to reassure her party.

Labour's shadow chancellor Rachel Reeves told BBC Breakfast the "only thing left from the prime minister's plan is higher mortgage rates and higher bonuses for bankers".

She said the prime minister "can put herself and all of us out of this misery by resigning and calling a general election".

Ms Reeves said many people will be "even more worried" after the new chancellor Jeremy Hunt junked almost all of her tax-cutting plans to stabilise market turmoil.

During a dramatic day at Westminster on Monday, Mr Hunt announced that nearly all the tax cuts announced at last month's mini-budget would be scrapped.

And he said the government's energy support package - a policy repeatedly championed by Ms Truss in defence of her premiership - will be reduced from April.

The reversals have prompted some Tory MPs to talk privately about how Ms Truss could be ejected from office, despite party rules preventing a formal leadership challenge for a year.

Five Conservative MPs have now publicly called for her to resign.

Crispin Blunt, Andrew Bridgen and Jamie Wallis all called on the prime minister to quit on Sunday. Since then Charles Walker and Angela Richardson have called for Ms Truss to step down.

Liz Truss told the BBC's Chris Mason she was "sorry for the mistakes that have been made".

Tactics reportedly under consideration include submitting no-confidence letters in a bid to force party bosses into a rule change.

The 1922 Committee of backbench Tory MPs may be asked to look at changing rules to allow MPs to bypass party members and pick a new leader themselves.

Mr Heappey said the public "will not indulge the Conservative Party tearing itself apart" with another change of leadership.

"We have seen over the past two or three weeks what the economic price of political instability has been," Mr Heappey added.

Speaking to BBC Breakfast he admitted the mini-budget was "unhelpful".

He said "dozens" of his Tory MP colleagues are "gravely concerned" but "they like me recognise this is not the time to be changing leader again".

There appears to be little agreement over who should take over from Ms Truss if she is removed.

Defence Secretary Ben Wallace has quashed rumours that he could replace Ms Truss should she resign.

Speaking to the Times, he said he will be holding on to his current job and accused Tory MPs of playing "political parlour games".