Boris Johnson used his speech at the Conservative Party Conference to call for the Prime Minister to “chuck Chequers” describing it as a “democratic injustice”.
The former Foreign Secretary spoke at a packed fringe event at the conference on Tuesday.
Mr Johnson said the EU "will always be colossally important" but the "rest of the world is proportionally gaining ground".
He said: "Think what we could do with proper free trade deals. And that is why it is so sad, so desperately wrong, that we are preparing to agree terms with Brussels that would make it difficult if not impossible to do such deals.
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"And that is why it is such a mistake for us to leave on the Chequers terms, locked in the tractor beam of Brussels.
"We will not only be prevented from offering our tariff schedules, we will be unable to make our own laws, to vary our regulatory framework for goods, agrifoods and much much more besides.
"This is politically humiliating for a £2 trillion economy."
He added: “So now, therefore, is the time truly to take back control and make the elegant, dignified and grateful exit the country voted for.
"This is the moment, this is the moment to do that - and there is time - to chuck Chequers."
‘It is a constitutional outrage’
Packed room to hear the former Foreign Secretary to speak in Birmingham
Mr Johnson added Chequers is a "constitutional outrage" and a “cheat”.
"This is not pragmatic, that is not a compromise. It is dangerous and unstable - politically and economically."
He won applause as he said: "My fellow Conservatives, this is not democracy. This is not what we voted for.
"It is a constitutional outrage. This is not taking back control: it is forfeiting control."
And he said: "They know it in Brussels."
He added: He said: "Do not believe that we can somehow get it wrong now and fix it later - get out properly next year, or the year after. Total fantasy.
"The opposite will happen. I have been watching the EU professionally for 30 years, and every time a referendum goes against the federalist movement, I have seen how the centripetal forces lock on and slowly slowly the offending country is winched back into place.
"Indeed, by its manifest democratic injustice, Chequers provides the perfect logic and argument for those who want Britain to return to the EU, and is therefore a recipe for continued acrimony."
‘Antisemitism-condoning Kremlin apologists’
Mr Johnson also used his speech to launch an attack on Jeremy Corbyn’s Labour.
He said: “Surely to goodness we can take on this Tony Benn tribute act and wallop them for six.
“Not by imitating them, not by capering insincerely on Labour turf ... but by systematically pointing out the damage they would do."
And Mr Johnson won applause as he said: "We cannot, we must not and will not let this weaselly cabal of superannuated Marxists and Hugo Chavez-admiring, antisemitism-condoning Kremlin apologists anywhere near the government of this country."
Among the crowd in the 1,500-capacity hall were former Cabinet ministers Priti Patel and Owen Paterson, along with Mr Johnson's father Stanley.
‘An equalisation formula’
Mr Johnson called for the party to follow its Conservative instincts and give millions more young people the chance to become owner-occupiers.
He called for a crackdown on landbanking and encouragement for small private builders.
Mr Johnson said the big eight house-builders were abusing their dominant position.
He said councils should be given the ability to retain stamp duty, council tax, and business rates, which would act as a motive for growth.
He said: "Of course you would need to prevent councils from hiking the business rate, and you would need an equalisation formula because the yields are so different across the country."