Waveney MP says Liz Truss' reign was an "embarrassment" and a "significant failure", adding she was right to resign.

But Peter Aldous says he has hope, and believes this is the "last chance saloon" for the Conservatives to "get on with the job".

Ms Truss resigned from her role as prime minister after 44 days on Thursday - making her the shortest reigning prime minister in British history.

Mr Aldous said: "The fact she only lasted 44 days means it is a significant failure, and there is no escaping that.

"I think where we are now in the Conservative party is a disgrace since the growth plan and disastrous mini budget announcement.

"The events of the last week or especially Wednesday night is an embarrassing reflection on the state of the Conservative party.

"It all began unravelling with her growth plan, something she didn't need to rush into as quickly as she did.

"She would have been better advised to have worked with the civil servants, treasury and Office of Budget Responsibility to come up with a balanced budget.

"Had the mourning period of Her Majesty the Queen been utilised, they would be presenting a proper budget now, which would have paved the way forward.

"Rushing into it was ill judged, shook the markets, destroyed the pound, and has ultimately been her downfall."

The Waveney MP believes the Conservative party should look no further than the runner-up and third-placed candidates from this summers Tory leadership contest.

Mr Aldous said: "I am not in anyone's camp. In the summer there were two candidates who were second and third so from my perspective I would be looking no further than those.

"I do think this whole situation does need to be concluded very quickly.

"I do not think we can have another leadership contest go to the membership over the next month or so.

"The wider public will not forgive us for that."

The opposition parties are calling for a general election, but Mr Aldous believes if the Conservatives can quickly assemble a leader, they can use their large majority in parliament to get a "functioning government" in place.

Mr Aldous said: "I can understand the calls for a general election, but I think the Conservative Party is at the last chance saloon. In parliament the conservatives have a large and clear majority of conservative MPs.

"What the country needs is a government to get on with the job and get us through these difficult and challenging periods.

"I do not disagree that the way we have behaved over the last year or so suggests we do not deserve to be that party, but I think in the parliament there is a clear majority.

"With this majority we can get a functioning government in place as quickly as possible and we must do this in a measured and responsible way."

Mr Aldous admits that the Conservatives have "failed the country", and understands the despondent mood away from parliament and back in the Waveney constituency.

The Waveney MP said: "The feedback I get from my constituents about the mood in Waveney is that they are tearing their hair out and are fed up of this calamitous leadership.

"People want a competent government that knows what it is doing, we have failed the country in that respect, but I think we have one last opportunity to get it right - this is the last chance saloon."

Many Tory MP's are urging their party to reinstall Boris Johnson as leader, after Liz Truss resigned as prime minister.

This idea Mr Aldous said would be "unwise" after the distrust people had in Mr Johnson after he was ousted by his own party with a vote of no confidence.

Mr Aldous said: "A few months ago there was a vote of no confidence from a high percentage of MPs.

"The circumstances which lead to his standing down remain in the minds of the people. He lost enormous trust and credibility.

"I think the reappointment of Boris would be a very unwise and backward step."