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Watch: Boris Johnson to resign as prime minister
The prime minister initially attempted to plough on as he haemorrhaged support among his ministers and MPs.
However, after fresh resignations – including from his newly-appointed chancellor Nadhim Zahawi – Johnson will tell the country that he is going on Thursday afternoon.
A No 10 source said that statement would come from 12.30pm.
Why is Boris Johnson resigning?
More than 50 MPs have resigned from government or party roles since Tuesday night, when the mass exodus was triggered by the resignations of Rishi Sunak and Sajid Javid.
Johnson had defied pressure to quit but resignations continued and chancellor Zahawi – who was only appointed to the role on Tuesday – went public with his call for the PM to quit.
The mutiny comes in the wake of the PM’s handling of allegations made against former deputy chief whip Chris Pincher.
Pincher allegedly behaved inappropriately while drunk on Wednesday night at the Carlton Club, a Tory private members' club in London.
Downing Street confirmed Johnson was aware of concerns about the conduct of Pincher when he made him deputy chief whip – sparking the crisis.
What time are we expecting him to speak?
A No 10 source said the statement would come from 12.30pm.
Will Boris Johnson stay in No 10?
Johnson is thought to be planning to remain as PM until a successor is in place, expected to be by the time of the Conservative Party conference in October.
But the prime minister's critics have suggested he should not be allowed to remain in office until the autumn.
George Freeman, who quit as science minister on Thursday morning, said that now Johnson had “finally done the decent thing” he should “hand in the seals of office, apologise to Her Majesty, allow her to appoint a caretaker under whom ministers can serve, so the Conservative Party can choose a new leader properly”.
If enough critics pressure the PM to leave immediately, a caretaker leader could replace him.
Deputy PM Dominic Raab is the likely person to take charge while a leadership contest takes place.
How will the Conservative party choose a new leader?
The timetable for the Tory leadership contest will be agreed between the 1922 Committee, which runs the parliamentary proceedings to whittle the candidates down to two, and Conservative headquarters.
Conservative members will then vote for their preferred candidate out of the remaining two, with the results announced in the autumn.
Who is likely to replace Boris Johnson?
There are many former and current ministers who are likely to make a pitch to be the next leader, with Jeremy Hunt, Javid and Sunak likely to throw their hat in the ring.
Zahawi, who was made chancellor following Sunak’s resignation, is also likely to stand along with foreign secretary Liz Truss and defence secretary Ben Wallace – both favourites with the party membership.
However, there could be some lesser known names vying for the job, including from Brexit backer Steve Baker, after he hinted in an interview that he may stand.
Raab may also make a move for the position following a possible stint as caretaker leader.