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Brexit live: Osborne tries to calm markets as Labour coup continues Brexit live: Osborne tries to calm markets as Labour coup continues
(35 minutes later)
10.49am BST
10:49
The executive of the Conservative backbench 1922 committee will meet at lunchtime to discuss the rules and the timetable for the party’s leadership contest, the Press Association reports.
They are expected to mirror the system used the last time there was a vacancy in 2005 and will be formally adopted by the party board at a meeting tomorrow.
Graham Brady, the 1922 chairman, said the timetable was a matter for discussion but that there was “a desire to get things moving” as soon as was reasonable.
10.46am BST
10:46
Mark Serwotka, general secretary of the Public and Commercial Services union, which is not affiliated to Labour, has issued a message of support to Jeremy Corbyn. He said:
The most immediate and important thing we need is for Labour and the unions to lead a mass campaign against this racism and xenophobia to protect migrants, and to demand that housing, education, health and other public services are properly resourced.
I am appalled that instead of helping with this, some self-indulgent Labour MPs are looking inward, and turning on you and the party members and supporters who elected you in a landslide last September. I believe you are the best person to lead the Labour party through what is undoubtedly going to be a difficult period and you have my full support.
10.42am BST
10:42
The cabinet has been meeting this morning. Here are some of the ministers arriving.
10.37am BST
10:37
Wayne David has resigned as a shadow minister covering the Cabinet Office, Scotland and justice.
This is my letter of resignation from Labour's Frontbench pic.twitter.com/N2Varu8sHF
10.31am BST
10:31
Nicola Sturgeon, the Scottish first minister, has used Twitter to mock Boris Johnson’s claim this morning (see 9.56am) that Project Fear is over.
Indeed, Boris. Project Farce has now begun - and you are largely responsible. #EUref https://t.co/1TExKvEvfT
This morning’s market news (see 10.27am) also suggests that Johnson’s claim about the pound and the markets being stable was premature.
10.27am BST
10:27
The pound is falling again this morning, and share prices are falling too. My colleague Graeme Wearden has more on his business blog.
Related: Pound and shares hit again by Brexit crisis as gilt yields tumble – business live
As Sky’s Faisal Islam reports, trading in RBS shares was halted briefly this morning. This is something that happens when share prices are falling very quickly.
Trading halted on RBS shares as they fall 14% - majority owned by the taxpayer
RBS share trading resumed now - 73% owned by taxpayer - market cap was £35bn on Thursday, now worth £25bn. Other bank share falls too.
10.24am BST
10:24
Watson tells Corbyn he has lost authority in PLP
Anushka Asthana
Tom Watson has told his party leader, Jeremy Corbyn, that he has lost his authority in the parliamentary Labour party and that if there was a leadership election, then members would be voting with that knowledge
In critical talks at 9am this morning, the deputy leader set out how destabilising a wave of shadow cabinet and ministerial resignations had been for the party, but fell short of calling on Corbyn to resign.
Labour sources, including those close to the leader, are now admitting that a leadership election is looking increasingly likely, with Watson telling Corbyn he would do his best to hold the party together in that situation.
But Corbyn remains defiant, with his team reiterating his words last night: “Those who want to change Labour’s leadership will have to stand in a democratic election, in which I will be a candidate.”
10.19am BST
10:19
The celebrity chef Jamie Oliver has said his faith in the British people will be “broken forever” if Boris Johnson becomes prime minister. In a post on his Instagram account, alongside a video of a waving European Union flag, he said:
The divorce of our European marriage will be very costly and provoke a bitterness towards us as a trusted country in the world...However I do believe in democracy and Britain has spoken. In my own way I will now roll up my sleeves and work harder than ever to make this work. But I BEG YOU ONE THING GREAT BRITAIN ???? Give me Boris fucking Johnson as our Prime Minister and I’m done. I’m out. My faith in us will be broken forever.
10.12am BST10.12am BST
10:1210:12
Tom Watson, the Labour deputy leader, has met Jeremy Corbyn, but did not tell him to resign, my colleague Anushka Asthana reports.Tom Watson, the Labour deputy leader, has met Jeremy Corbyn, but did not tell him to resign, my colleague Anushka Asthana reports.
Meeting between Tom Watson and Jeremy Corbyn has taken place. I understand that Tom didn't urge JC to resign...Meeting between Tom Watson and Jeremy Corbyn has taken place. I understand that Tom didn't urge JC to resign...
Apparently, Tom Watson did tell Corbyn about the feelings within the PLP... Politely. But firmlyApparently, Tom Watson did tell Corbyn about the feelings within the PLP... Politely. But firmly
10.10am BST10.10am BST
10:1010:10
Nia Griffith, the shadow Welsh secretary, is urging Jeremy Corbyn to stand down, the BBC reports.Nia Griffith, the shadow Welsh secretary, is urging Jeremy Corbyn to stand down, the BBC reports.
Shadow Welsh Secretary Nia Griffith meeting @JeremyCorbyn to ask him to step down as @UKLabour leader https://t.co/2tJze9H8LUShadow Welsh Secretary Nia Griffith meeting @JeremyCorbyn to ask him to step down as @UKLabour leader https://t.co/2tJze9H8LU
10.06am BST10.06am BST
10:0610:06
Here is Jeremy Corbyn leaving his home this morning.Here is Jeremy Corbyn leaving his home this morning.
10.04am BST10.04am BST
10:0410:04
According to the Telegraph’s Laura Hughes, Maria Eagle, the shadow culture secretary, will resign later.According to the Telegraph’s Laura Hughes, Maria Eagle, the shadow culture secretary, will resign later.
Labour source tells me Maria Eagle will quit shadow cabinet... #LabourCoupLabour source tells me Maria Eagle will quit shadow cabinet... #LabourCoup
10.02am BST10.02am BST
10:0210:02
Alex Cunningham has resigned as shadow minister for the natural environment.Alex Cunningham has resigned as shadow minister for the natural environment.
A few minutes ago I formally tendered to Jeremy Corbyn my resignation from the post of Shadow Minister for the Natural Environment.A few minutes ago I formally tendered to Jeremy Corbyn my resignation from the post of Shadow Minister for the Natural Environment.
9.56am BST9.56am BST
09:5609:56
Johnson says EU citizens living in UK will not have to leaveJohnson says EU citizens living in UK will not have to leave
Boris Johnson, the leading leave campaigner and favourite to succeed David Cameron as prime minister, spoke to reporters outside his house this morning.Boris Johnson, the leading leave campaigner and favourite to succeed David Cameron as prime minister, spoke to reporters outside his house this morning.
He welcomed George Osborne’s statement this morning.He welcomed George Osborne’s statement this morning.
I think it’s very good news that the chancellor has come out and said some reassuring things to the markets and it’s clear now that Project Fear is over, there’s not going to be an emergency budget, people’s pensions are safe, the pound is stable, the markets are stable and I think that’s all very good news.I think it’s very good news that the chancellor has come out and said some reassuring things to the markets and it’s clear now that Project Fear is over, there’s not going to be an emergency budget, people’s pensions are safe, the pound is stable, the markets are stable and I think that’s all very good news.
He also insisted that EU citizens currently living in the UK would not be forced to leave.He also insisted that EU citizens currently living in the UK would not be forced to leave.
The second point I want to make, because I’ve seen a lot of confusion over the weekend about the status of people living in this country; it’s absolutely clear that people from other European Union countries who are living here have their rights protected. All that people want to see is a system that’s fair, impartial and humane to all people coming from around the world. And also, obviously people from the UK living abroad, living in the rest of the EU, will also have their rights completely protected. I just worry there’s been a certain amount of confusion in the media over the last 24 hours.The second point I want to make, because I’ve seen a lot of confusion over the weekend about the status of people living in this country; it’s absolutely clear that people from other European Union countries who are living here have their rights protected. All that people want to see is a system that’s fair, impartial and humane to all people coming from around the world. And also, obviously people from the UK living abroad, living in the rest of the EU, will also have their rights completely protected. I just worry there’s been a certain amount of confusion in the media over the last 24 hours.
UpdatedUpdated
at 10.02am BSTat 10.02am BST
9.45am BST
09:45
Libby Brooks
Alex Salmond, the former Scottish first minister, was on Good Morning Scotland this morning and he spent most of his interview praising Nicola Sturgeon for her “clarity, persuasiveness and certainty”.
He added that, despite the obvious implications yesterday, Sturgeon had not suggested that Holyrood had a legal veto over Westminster’s Brexit legislation but simply that the Scottish parliament could withhold its consent as a political gesture.
He also criticised Boris Johnson for appearing to change the grounds on which Brexit would happen. “We don’t even know where the Brexit camp is going to take the policy of the UK,” he said.
9.43am BST
09:43
Severin Carrell
Scottish voters remain unconvinced about the case for a fresh independence referendum according to a new Survation poll, despite Nicola Sturgeon’s assertion on Friday that a second one was “highly likely” after Scotland opted heavily in favour of remaining in the EU.
Just under 45% of those Survation polled for the Daily Record over the weekend said Nicola Sturgeon should not hold a second vote, against 42% who said she should. Excluding don’t knows, that left 52% of Scots against a second referendum.
But asked how they would vote if one were held today, the yes vote had a clear six point lead, with 47% in favour of independence against 41% against; excluding 10% don’t knows and 2% who wouldn’t give a view, that gave a 54% yes vote and 46% against.
Those figures follow other polls over the weekend putting a yes vote as high as 59% - a marked jump since Friday’s Brexit vote. But these levels do not yet reach the consistent 60% threshold in favour of independence that the Scottish National party is looking for.
With the Record now openly supporting Sturgeon’s preparations for a second referendum, its poll also found that more SNP supporters voted leave than other parties: 29% of SNP voters backed Brexit, compared to 27% of Scottish Tories, and 17% Labour and 16% Lib Dem voter.
9.41am BST
09:41
Darling says vacuum at top of politics could 'make a bad situation worse'
Matthew Weaver
Labour’s last chancellor Alistair Darling says he is more worried about the economy now than he was at the time of the financial crash.
Speaking on the BBC Radio 4’s Today programme he urged the government to fill the “damaging” political vacuum left by the referendum to provide the markets and businesses with greater certainty. He said:
We have got no government. We have got no opposition. The people who got us into this mess have run away, they have gone to ground and we now have a four month gap before we are likely to get a new prime minister, during which times may be said which will make a bad situation worse. It is now a happy situation which is why I’m more worried now than I was in 2008 ...
I accept that the new negotiations can’t start until we have a new prime minister, but we cannot have a four-month period during which nothing happens.
Darling, one of the leading campaigners for staying in the EU, also criticised Boris Johnson’s claim in his Daily Telegraph column that the referendum was not about immigration. He said:
Free movement of people ... is such a pivotal issue. For Boris Johnson to say ‘oh we didn’t mean it about immigration’ and that somehow things can carry on, the entire Brexit campaign was based on scares about immigration and free movement, so we cannot wait for four months and not discuss these issues, because the rest of the world will look in amazement.
Boris Johnson seems to be taking this as a big game, where the last four months were just a jolly laugh, where it didn’t matter and nothing is going to change.
The risk is, the longer there is uncertainty, people will decide to put their investment and jobs elsewhere. What I’m really concerned about is this gap between now and October when we’ll have a new prime minister, where if we don’t do some serious thinking about what our options are, and if we don’t start engaging with the European Union itself, the risk is we make a bad situation worse. If you leave a vacuum in politics, where you have got all this constitutional, economic and political uncertainty, that is where the trouble starts.
9.31am BST
09:31
Michael Fuchs, a senior figure in Angela Merkel’s CDU party, told the Today programme this morning that if the UK wanted to retain access to the single market once it left the EU, that would be possible, “but not for free”. According to the BBC, he went on:
You have to see with Norway, with Switzerland, you have to pay a certain fee. And the per capita fee of Norway is exactly the same as what Britain is now paying into the EU. So there won’t be any savings.
9.24am BST
09:24
And here is the letter from Steve Reed announcing his resignation as a shadow local government minister.
I have resigned as Shadow Minister for Local Government. Here is my letter of resignation pic.twitter.com/WcMZp757xE
9.22am BST
09:22
And here is the letter from Toby Perkins announcing his resignation as a shadow defence minister.
I have informed Jeremy Corbyn that I am resigning from my post of Shadow Armed Forces Minister. My letter attached. pic.twitter.com/8ui8lGHVUP
9.20am BST
09:20
Here is some Twitter comment on the latest shadow cabinet appointments and resignations.
From the Telegraph’s Ben Riley-Smith
Labour's leader, shadow chancellor, foreign and defence secs now all back scrapping Trident.
From BuzzFeed’s Jim Waterson
A third of the Labour frontbench shadow cabinet positions are now held by one of the 36 MPs who nominated Corbyn for the leadership.
From the Sunday Times’s James Lyons
Filling shadow Cabinet with Corbynistas will fuel resignations, predicts neutral Labour source.
From the Financial Times’s Robert Shrimsley
A large number of people I'd never heard of are now resigning from jobs I didn't know existed. #labour
From Huffington Post’s Owen Bennett
Surely Kate Hoey and Gisela Stuart deserve a place in the shadow cabinet? They've proved they've got the pulse of the nation
9.14am BST
09:14
Here is the letter from Yvonne Fovargue resigning as shadow consumer affairs minister.
I have today resigned from the frontbench as Shadow Minister - Consumer Affairs & Science pic.twitter.com/PYpjwOiIKU
9.08am BST
09:08
Angelique Chrisafis
Could international allegiances between cities be an answer to the current chaos?
Following the referendum result, London’s mayor, Sadiq Khan, and Paris mayor, Anne Hidalgo, this morning issued a joint pledge for the two cities to work more closely together as a counterweight to nationalism. They said Paris and London were part of “just a handful of truly global cities” and argued that cities “can act as a powerful counterweight to the lethargy of nation states and to the influence of industrial lobbies”.
Paris’s Socialist mayor Hidalgo personally pushed for a gesture of solidarity and increased ties with London, which voted remain. This stands in contrast to Valérie Pécresse, the rightwing head of the wider Paris region, Île de France, who has said Paris could profit from London’s woes post-Brexit and vowed that the French capital would fight to win over financial firms and businesses fleeing London post-Brexit.
Updated
at 9.14am BST
9.07am BST
09:07
Labour peers expected to boycott Corbyn's shadow cabinet
The Labour party’s leaders in the House of Lords are set to refuse to attend meetings of Jeremy Corbyn’s shadow cabinet, the Press Association reports.
Lady Smith of Basildon, the Labour leader in the Lords, and Lord Bassam, the chief whip, are both in post because of elections within the ranks of the party’s peers – rather than being appointed by Corbyn.
A source said that they had taken “soundings” from the party’s peers and it was likely they would boycott shadow cabinet meetings while Corbyn remains as leader.
Updated
at 9.22am BST