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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/27/brexit-live-george-osborne-economy-corbyn-shadow-cabinet
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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 BST | 10.12am BST |
10:12 | 10:12 |
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 firmly | Apparently, Tom Watson did tell Corbyn about the feelings within the PLP... Politely. But firmly |
10.10am BST | 10.10am BST |
10:10 | 10:10 |
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/2tJze9H8LU | Shadow Welsh Secretary Nia Griffith meeting @JeremyCorbyn to ask him to step down as @UKLabour leader https://t.co/2tJze9H8LU |
10.06am BST | 10.06am BST |
10:06 | 10:06 |
Here is Jeremy Corbyn leaving his home this morning. | Here is Jeremy Corbyn leaving his home this morning. |
10.04am BST | 10.04am BST |
10:04 | 10:04 |
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... #LabourCoup | Labour source tells me Maria Eagle will quit shadow cabinet... #LabourCoup |
10.02am BST | 10.02am BST |
10:02 | 10:02 |
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 BST | 9.56am BST |
09:56 | 09:56 |
Johnson says EU citizens living in UK will not have to leave | Johnson 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. |
Updated | Updated |
at 10.02am BST | at 10.02am BST |