Rishi Sunak has urged Conservative MPs to stick with him amid speculation about a fresh plot to oust him from Downing Street.
The Prime Minister is hoping to win over wavering MPs by claiming the "economy is turning a corner".
However, with Labour opening up enormous leads in recent opinion polls, Tory MPs have talked up Commons Leader Penny Mordaunt as his potential successor.
No10 was forced to issue the Prime Minister's plea on Sunday night as Sunak's position became increasingly precarious.
Rishi Sunak languishes behind Labour's Sir Keir Starmer and could face a challenge from supporters of Penny Mordaunt
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Sunak told his MPs: "There is now a real sense that the economy is turning a corner, with all the economic indicators pointing in the right direction.
"This year, 2024, will be the year Britain bounces back.”
The Prime Minister was confident the UK would hit the two per cent inflation target within the next few months, adding Britain's growth will likely outperform France, Germany and Italy over the next five years.
He added: "But while the economy has turned a corner, we are not out of the woods yet and we know things remain tough for people.
"That’s why we need to stick to the plan. That means, in just a few weeks time, increasing the National Living Wage to £11.44 and increasing the state pension by £900.
"And it means cutting National Insurance again, to eight per cent, a tax cut of £900 for the average worker and the next step in our long-term plan to abolish NICs [National Insurance Contributions] so we end the double tax on work.
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Commons Leader Penny Mordaunt ran in the first leadership contest of 2022PA“A plan opposed by the Labour Party, who want to keep the double tax on work because they know they will have to put taxes up to pay for all their unfunded spending plans.”
Sunak will continue to highlight the British economy is rebounding today by delivering a speech in Warwickshire about how the Government will use the UK's newfound post-Brexit freedoms to slash red tape for firms.
However, right-wing rebels have identified May 2's local elections as the most likely date to expect a challenge to Sunak's leadership.
A source close to Mordaunt dismissed claims she is personally involved, adding: "It’s unhelpful to Penny, unhelpful to the PM, and unhelpful to our chances. The plotting has got nothing to do with us.
"We’re getting on with it, and we’ve got a packed legislative agenda to deliver before the election.”
Mordaunt is expected to rebut the claims if challenged about them in the House of Commons on Thursday.
Rishi Sunak is hoping to shore up support from MPs to stay in Downing Street
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Speculation about Sunak's position comes after leadership rumours hit the frontpages when 1922 Committee chairman Sir Graham Brady met with the Prime Minister last Monday.
Sunak could also face a fatal threat from another figure on the right ahead of the next general election.
Ex-Ukip leader Nigel Farage is reportedly being lined up to lead Reform UK just a week after Lee Anderson joined the populist party following his suspension from the Tory Party.
Reform UK's current leader Richard Tice said: "We are going to hit 15 [per cent] within a matter of weeks – and that is before Nigel comes back."
PeoplePolling's latest opinion poll put Reform UK just five-points behind Sunak's Tories on 13 per cent.
Labour continues to streak ahead of the Conservative Party, with Starmer receiving 1997-landslide levels of support.
