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Brexit: Labour leadership contest now 'likely', after dozens of resignations  - live Brexit live: Labour leadership contest now 'likely', after dozens of resignations
(35 minutes later)
1.42pm BST
13:42
A reader points out that, even if Jeremy Corbyn would not tell Chris Bryant how he voted in the referendum (see 11.19am), Corbyn did tell Twitter that he voted remain.
I've just voted to Remain. The EU provides the best framework to meet the challenges of our time #LabourInForBritain pic.twitter.com/tzhvyBbLsY
1.36pm BST
13:36
Nick Thomas-Symonds has just announced that he has resigned as a shadow employment minister.
It is with enormous regret that I have resigned as Shadow Employment Minister. pic.twitter.com/KWe52wgVQc
1.31pm BST
13:31
Angela Eagle says Corbyn should examine his conscience and resign
Angela Eagle, who resigned earlier as shadow business secretary, is on the World at One now explaining her decision. She sounds close to tears.
She tried to make it work, she says. During the deputy leadership contest she said she would serve the new leader. But Jeremy Corbyn is not suited to the job, she says. During the EU referendum he could not communicate Labour’s message properly.
Q: But party members do have confidence in him?
Eagle says you cannot lead the party if you do not have the support of colleagues and if you cannot communicate party policy.
Q: You talk about the prospect of an early election. But Labour MPs would have to vote for that.
Eagle says the government could repeal the Fixed-term Parliaments Act. And Labour supporters would not understand Labour MPs voting against a motion of no confidence.
Q: Andy Burnham says Labour MPs should not take part in a coup.
Eagle says she is not taking part in a coup either. She has examined her conscience. Corbyn should examine his conscience too.
Q: Would you like to be leader?
Eagle says she enjoyed standing in for Corbyn at PMQs. But today is not the day for discussing this. Today is about the decision Corbyn must take.
Updated
at 1.38pm BST
1.26pm BST
13:26
Lord King, the former governor of the Bank of England, has just given an interview to the World at One. He said that the EU referendum was “the most dispiriting” he could recall and that both sides were guilty of exaggeration.
These are from the BBC’s Mark Broad.
Lord Merv King lays into Osborne and Cameron: 'This was the most dispiriting campaign I can recall ...The gov needs to take responsibility'
Merv King: 'I think that the Treasury is in a difficult position now because it made forecasts which were at least exaggerated'
More King: I was 'baffled' by Chancellor's emergency Budget plan. The Treasury should 'row back' from claims of economic damage
Mervyn King says it would be 'peculiar' if Bank of England raised rates to combat inflation due to reduced weak pound
Updated
at 1.36pm BST
1.17pm BST
13:17
Vote Leave wipes its homepage
Alice Ross
Much like its political leaders Boris Johnson and Michael Gove, the Vote Leave online campaign has gone rather quiet over the weekend. The Twitter and Facebook accounts have been silent since 23 June and the campaign website homepage has been wiped.
Although the campaign’s archive of pledges, briefings, speeches and op-eds written by senior campaign figures are still hosted on the site, they are no longer linked to from the homepage, making them much harder to find.
This is rather different from the Conservative party wipedown of 2013, in which the Tories removed a decade’s worth of speeches completely from their website and blocked archiving services such as the Wayback Machine from accessing them.
But anyone entering through the main www.voteleavetakecontrol.org link will see only a note thanking supporters and a photo of Johnson, Gove and Priti Patel campaigning in front of a battle bus emblazoned with a version of the controversial £350m claim, with no way to access any of the rest of the site.
You can still find the rest of the website’s content through this link.
Updated
at 1.37pm BST
1.14pm BST
13:14
Cameron setting up Brexit negotiations unit
Heather Stewart
The prime minister will set up a new team of civil servants inside the Cabinet Office, reporting to cabinet, to draw up options for Britain’s renegotiations with the rest of the EU, his spokesman has announced.
The unit, which will also include officials from the Foreign Office and the Treasury, will carry out preliminary work, which could be handed to an incoming prime minister when the Conservatives’ leadership race is complete.
“What the civil service is there to do is to make sure that we prepare, as much as the civil service can, for a new prime minister,” she said.
Cameron’s troubleshooter Oliver Letwin will also be given a new “facilitative role”, consulting across government and with experts about the options.
Updated
at 1.19pm BST
1.11pm BST
13:11
Heather Stewart
David Cameron condemned a spate of racist attacks since last week’s referendum, saying he would “not tolerate intolerance”, his official spokesperson has said.
Several MPs have reported that constituents have been harassed since the result of the vote emerged. But the spokeswoman said:
This government will not tolerate intolerance. We are absolutely clear on the need to reassure communities across Britain. We are a tolerant nation; that existed long before we were members of the European Union, and we should hold fast to that.
Updated
at 1.20pm BST
1.07pm BST1.07pm BST
13:0713:07
John Woodcock’s kind offer to stand in for Clive Lewis at defence questions has been turned down, I’m told. (See 12.56pm.) Emily Thornberry, the new shadow foreign secretary who was previously shadow defence secretary, will be speaking for the opposition instead.John Woodcock’s kind offer to stand in for Clive Lewis at defence questions has been turned down, I’m told. (See 12.56pm.) Emily Thornberry, the new shadow foreign secretary who was previously shadow defence secretary, will be speaking for the opposition instead.
Updated
at 1.21pm BST
1.04pm BST1.04pm BST
13:0413:04
Kate Green has resigned as shadow equalities minister.Kate Green has resigned as shadow equalities minister.
My letter to Jeremy advising my resignation from the shadow cabinet today pic.twitter.com/hkifPr101YMy letter to Jeremy advising my resignation from the shadow cabinet today pic.twitter.com/hkifPr101Y
1.01pm BST1.01pm BST
13:0113:01
This is from BuzzFeed’s Jim Waterson.This is from BuzzFeed’s Jim Waterson.
Corbyn's team pledge to fill all open shadow cabinet positions today and promise to include some "surprising names".Corbyn's team pledge to fill all open shadow cabinet positions today and promise to include some "surprising names".
If experience is any guide, you could argue there have already been some surprising announcements to the shadow cabinet. (See 8.32am.)If experience is any guide, you could argue there have already been some surprising announcements to the shadow cabinet. (See 8.32am.)
Updated
at 1.21pm BST
12.56pm BST12.56pm BST
12:5612:56
John Woodcock, the pro-Trident Labour MP who is a fierce critic of Jeremy Corbyn’s, has told Corbyn that if Clive Lewis, the new shadow defence secretary, does not make it back from Glastonbury in time for today’s defence questions (see 11.28am), he will take over himself. Woodcock is chair of the backbench defence committee and Labour rules allow this, he says. John Woodcock, the pro-Trident Labour MP who is a fierce critic of Jeremy Corbyn, has told the Labour leader that if Clive Lewis, the new shadow defence secretary, does not make it back from Glastonbury in time for today’s defence questions (see 11.28am), he will take over himself. Woodcock is chair of the backbench defence committee and Labour rules allow this, he says.
As bb defence chair, advised JC I'll speak from frontbench if new shadow defence sec not back from Glastonbury today pic.twitter.com/ThaDHKecunAs bb defence chair, advised JC I'll speak from frontbench if new shadow defence sec not back from Glastonbury today pic.twitter.com/ThaDHKecun
Updated
at 1.22pm BST
12.51pm BST12.51pm BST
12:5112:51
According to Channel 4 News’s Gary Gibbon, David Cameron will rule out a second referendum on the EU when he addresses MPs this afternoon.According to Channel 4 News’s Gary Gibbon, David Cameron will rule out a second referendum on the EU when he addresses MPs this afternoon.
12.47pm BST12.47pm BST
12:4712:47
Maria Eagle resigns as shadow culture secretaryMaria Eagle resigns as shadow culture secretary
Maria Eagle has resigned as shadow culture secretary.Maria Eagle has resigned as shadow culture secretary.
In her resignation letter she said that Labour needed “strong and effective leadership” and that she thought Jeremy Corbyn was not able to provide it.In her resignation letter she said that Labour needed “strong and effective leadership” and that she thought Jeremy Corbyn was not able to provide it.
12.43pm BST
12:43
Jeremy Corbyn is resigned to a leadership challenge taking place, my colleague Anushka Asthana reports.
Corbyn source: A leadership contest is now "likely to happen" but Jeremy will stand. Claims is "no shortage" of ppl to replace shadow cab
12.41pm BST
12:41
Khan asks police to be extra vigilant for any rise in hate crime following EU referendum
Sadiq Khan, the mayor of London, has asked Scotland Yard to be “extra vigilant” regarding hate crime after a number of incidents were reported in the capital and around Britain following the EU referendum. He said:
I take seriously my responsibility to defend London’s fantastic mix of diversity and tolerance. So it’s really important we stand guard against any rise in hate crimes or abuse by those who might use last week’s referendum as cover to seek to divide us.
I’ve asked our police to be extra vigilant for any rise in cases of hate crime, and I’m calling on all Londoners to pull together and rally behind this great city.
We will have a zero-tolerance approach to any attempt to hurt and divide our communities.
But he also urged people not to demonise Londoners who voted for Brexit.
It’s also crucial that we don’t demonise the 1.5m people in London who voted for Brexit.
While I and millions of others disagreed with their decision, they took it for a variety of reasons and this shouldn’t be used to accuse them of being xenophobic or racist.
We must respect their decision and work together now to get the best deal for London.
12.31pm BST
12:31
And here’s another Labour resignation - but not one involving the frontbench. Michael Cashman, a Labour peer, is resigning as the party’s global LGBT envoy.
Given that I believe Jeremy Corbyn is no longer the right person to lead the Labour Party I am resigning as Labours LGBT global envoy.
Updated
at 12.43pm BST
12.28pm BST
12:28
Jo Johnson, the universities minister, has tweeted this morning to assure EU students studying in the UK that they will still receive funding.
UK welcomes EU students. Current students and this autumn's applicants will continue to receive student finance for duration of their course
Updated
at 12.33pm BST
12.24pm BST
12:24
Pound hits new 31-year low as shares keep sliding
Graeme Wearden
Over in the City, Boris Johnson’s claim this morning that “the pound is stable, the markets are stable” is turning to dust.
Sterling has suffered fresh falls this morning, and hit a new low of $1.3192 vs the US dollar.
That’s its lowest point since 1985, down almost five cents (or 3.5%) today.
The pound has also lost almost three eurocents against the European single currency, to €1.199. That means holidays on the continent are going to be more expensive – but might help UK exporters.
Shares are also in retreat again, despite George Osborne’s attempts reassure investors.
The FTSE 100 index was down 97 points, or 1.6%, at noon, in a rout led by financial companies and property firms.
Royal Bank of Scotland has slumped by 20% to a seven-year low, in a blow to taxpayers who still own around 73% of the bank.
RBS's shares now down 20% on the day at 164p - levels the bailed out bank traded in early 2009 during the crisis
Budget airline EasyJet and estate agent Foxtons both issued profit warnings this morning, and are both down around 20%.
The FTSE 250 index of smaller UK companies is down over 5%. It’s arguably a better guide to the British economy.
The crisis engulfing Westminster is causing major worries in the City, as investors wonder who will be leading Britain’s two major political parties in a few months time.
As Kallum Pickering of German bank Berenberg puts it:
UK politics has fallen into crisis following the vote for Brexit last Thursday.
The resulting uncertainty and market tensions could further dampen activity in the domestic economy in the near-term.
12.24pm BST
12:24
John Healey resigns as shadow housing minister
John Healey has resigned as shadow housing minister. According to the BBC, that means Jeremy Corbyn has lost half his shadow cabinet within the last day and a half.
I have just hand-delivered Jeremy Corbyn my resignation letter. pic.twitter.com/ntnHFzeaXN
Updated
at 12.44pm BST
12.19pm BST
12:19
Angela Eagle resigns as shadow business secretary and shadow first secretary of state
Angela Eagle has resigned as shadow business secretary and shadow first secretary of state.
Here is the key quote from her letter.
It is with the greatest of sadness that, after nine months of trying to make your leadership work and despite your considerable personal qualities, I have come to the conclusion you are not the right person to lead the party we both love.
And here is the letter.
With deep regret, and after nine months of trying to make it work, I have today resigned from the Shadow Cabinet pic.twitter.com/tX7SPDyTIZ
Updated
at 12.21pm BST
12.16pm BST
12:16
Kate Connolly
As Brexit continues to dominate every front page in Europe, here are a few more snippets from some of the editorials today.
Nepszabadsag, from Hungary, says there is much confusion over how to view what has happened.
So which British decision should we now respect? The one resulting from the referendum? Or the fact that very many Britons are now shocked about the result and its effects and basically want to reverse everything?
Der Standard, Austria, believes there is still a chance the referendum result might not lead to a Brexit.
The British people’s decision is to be respected. But the referendum is not binding. It is still not clear whether the parliament in London will vote in favour of this monumentous decision with all the tragic economic and political consequences that will go with it. The EU partners should not force them...we should wait to see what the British decide to do.
Berlingske, Denmark, says the referendum result only underlines the conviction in America that most politicians are too far removed from the people.
The British ‘no’ to the EU will strengthen the Americans in one thing: they are not on their own with their fears and worry for the future. They are not alone with their feeling that politicans who are deciding on their lives are following their own interests and not those of their people. They are not alone when they demand that in the future politics should be decided much more closely with the people rather than by bureaucrats in distant Washington or just as distant Brussels.
Tages Anzeiger, Switzerland, says Merkel is now responsible for turning Europe round, but she lacks the necessary charisma.
Whatever direction the developments (in Europe) take, one thing is for sure, Germany will now get the task of reuniting Europe and to prepare it for the future. Angela Merkel, Europe’s dinosaur, is suited to this task, and at the same time unsuited for it. As a crisis manager she has proved numerous times that she is capable of leading with a calm hand and in so doing she thinks and behaves in a more European way than all the other heads of state and government in this continent ... but at the same time, she’s lacking the vision and passion. She knows that Europe will remain Germany’s horizon, and she’s a convinced European, but she has no success in trying to convince the citizens of the continent of the future of their Union.
12.12pm BST
12:12
John McDonnell, the shadow chancellor, is saying this morning that Jeremy Corbyn should not resign.
12.11pm BST
12:11
According to the Liverpool Echo, Angela Eagle, the shadow business secretary, will resign shortly.
Labour sources have told the Echo the shadow business secretary and first secretary of state’s request for a meeting with the Labour leader “was ignored”.