Owen Paterson, MP for North Shropshire, said the party was suffering heavily for failing to deliver its commitment to leave the EU by March 29.

He warned that it could become an irrelevance if it did not act decisively.

Mr Paterson, a leading eurosceptic, also warned that the party needed to settle the election to replace Theresa May as leader as quickly as possible.

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He said the party now faced a straight choice: it could repair the damage caused by Mrs May’s leadership by electing a leader who would ensure Britain left by October 31, or it could opt for more of the same. He said that would mean “more fudge, more prevarication, more delay”.

“If we do, then we should not be surprised when the voters who are currently giving us such a kicking make their permanent political homes elsewhere,” he added.

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“The most successful political party of the 20th century – if it survives at all – will look back on a nine per cent vote share as a lofty ambition in the 21st.”

Mr Paterson said while his preferred option would be to leave the EU with a free-trade agreement, the next prime minister should be fully prepared to leave under the terms of the World Trade Organisation.

He also said there were far too many candidates in the race to be the next Conservative leader, many with little chance of winning.

At the moment there are 11 candidates in the running.

Mr Paterson said the Conservative Party’s 1922 Committee, which represents backbench MPs, needed to look at its rules to ensure the process was conducted properly.

At the weekend, former universities minister Sam Gyimah became the 13th candidate to announce his challenge, but yesterday party deputy-chairman James Cleverly withdrew from the race as did Kit Malthouse.