Party bosses had been busy making preparations in case Rishi Sunak called a snap election in the spring.

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But No10 is understood to want to give the economy time to improve and inflation and interest rates to come down before calling a vote.

One senior government source said: “Time is our friend.

“Inflation is coming down. Hopefully interest rates and mortgage rates will come down.”

Under the law, the PM has to call a general election by January 2025.

The Westminster rumour mill had been awash with stories that No10 was gearing up to go for a vote in May next year.

Senior Tories said a spring vote was likely because it would avoid coinciding with an NHS winter crisis and come before the summer when Channel boat crossings rise.

But Downing Street thinks the economy and what party Brits trust with the purse strings will be the overriding topic Brits vote on.

They want to give the cost of living crisis time to ease and for families to feel better before they call a vote.

Instead the vote is expected to be held in November, so it does not clash with people’s Christmas plans.