Iain Duncan Smith has lashed out at the government for dragging its heels on ripping up EU rules, exposing Tory tensions over how to find a Brexit “dividend”.

       Ministers have “done absolutely sweet FA” since being handed a taskforce’s report proposing around 100 deregulatory measures last summer, the former Conservative leader protested.

       Sir Ian, who led the taskforce, warned time is running out because it would be too difficult to make big changes close to the next general election, in 2023 or 2024.

       “If you want me to write the epitaph to this government, it is full of wishful hope, but not of delivery,” he said.

       “If we don’t get this done in the next nine months, most of this stuff, it is never going to get done, because we will be into the pre-run to an election. At that stage, what are you going to show?”

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       The attack comes despite fears that new legislation will lead to a bonfire of EU laws on everything from data privacy to road standards being forced through behind MPs’ backs.

       A single bill will remove unwanted “retained law” – using backstage regulations, instead of full votes – as ministers insist Brexit can cut “red tape”, despite the huge queues of truckers trapped in Channel port checks.

       Jacob Rees-Mogg has been appointed Brexit opportunities minister, to identify deregulatory changes and calm backbench tensions over the slow rate of progress.

       The hard Brexit supporter has called for a rapid rewriting of continuing EU financial rules – so-called Solvency II – to create an “investment big bang” in Britain.

       Ministers believe looser rules would make it easier for insurance companies to invest billions in green infrastructure, but change is believed to have been delayed by a wrangle with regulators.

       Speaking to The Daily Telegraph, Mr Duncan Smith protested: “The government has done absolutely sweet FA about this since we delivered the report to them.

       “They should have been getting on with it now, and they still haven’t done a single element of deregulation since I produced the report.”