Boris Johnson is quitting as Tory leader after ministers and MPs - including new chancellor Nadhim Zahawi - made clear his position was untenable.
Mr Johnson looks set to stay as Prime Minister until a successor is in place, expected to be by the time of the Conservative Party conference in October.
At 9.23am the pound was trading higher on the news of Boris Johnson’s resignation – up 0.6% at 1.198 US dollars and 0.4% stronger at 1.174 euros.
A No 10 source said Mr Johnson spoke to Sir Graham Brady, chairman of the Conservative 1922 Committee, to inform him of his decision.
“The Prime Minister has spoken to Graham Brady and agreed to stand down in time for a new leader to be in place by the conference in October,” a No 10 source said.
Earlier today, the new Education Secretary Michelle Donelan resigned, while the new Chancellor Nadhim Zahawi told Johnson: “You must do the right thing and go now.”
Other resignations included:
James Cartlidge quit as courts’ minister, telling Johnson: “The position is clearly untenable.”
Technology minister Chris Philp resigned, saying the “PM should step down given public and Parliamentary confidence has clearly gone, and given the importance of integrity in public life”.
Pensions minister Guy Opperman resigned, telling Johnson “recent events have shown clearly that the government simply cannot function with you in charge”.
Security minister Damian Hinds resigned, saying: “It shouldn’t take the resignation of dozens of colleagues, but for our country, and trust in our democracy, we must have a change of leadership.”
Treasury minister Helen Whately resigned, telling Johnson there “are only so many times you can apologise and move on”.
Northern Ireland Secretary Brandon Lewis resigned from the Cabinet, telling the Prime Minister that government requires “honesty, integrity and mutual respect”.
Earlier, chancellor Nadhim Zahawi - who was only appointed on Thursday - said Boris Johnson should “leave with dignity” and “go now”.
Mr Zahawi said he had made clear privately to Mr Johnson that he should go but “I am heartbroken that he hasn’t listened and that he is now undermining the incredible achievements of this Government at this late hour”.
The Chancellor’s extraordinary statement said the country “deserves a Government that is not only stable, but which acts with integrity”.
