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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)
11.23am BST
11:23
Germany says EU won't start Brexit talks before article 50 invoked
The German government is saying there will be no informal discussions between Britain and the European Union before the British government has invoked formal divorce proceedings by making a request under article 50 of the Lisbon treaty, a German government spokesman said this morning.
According to Reuters, Steffen Seibert, a spokesman for Angela Merkel, told a briefing:
One thing is clear: before Britain has sent this request there will be no informal preliminary talks about the modalities of leaving.
Only when Britain has made the request according to article 50 will the European Council draw up guidelines in consensus for an exit agreement.
11.19am BST
11:19
Bryant says Corbyn refused to tell him whether he voted to leave the EU
Chris Bryant, who resigned yesterday as shadow leader of the Commons, has told the BBC that he thinks Jeremy Corbyn may have voted to leave the EU. Corbyn refused to tell him how he voted, he said.
I suspect that Jeremy Corbyn may have voted to leave, Chris Bryant tells @BBCNews #Brexit #EUref
Bryant says Corbyn refused to tell him whether he had voted to leave the EU #Brexit
11.13am BST
11:13
The New Statesman’s George Eaton says Lisa Nandy, the shadow energy secretary, will stand against Jeremy Corbyn for the Labour leadership.
Lisa Nandy will stand against Corbyn, Labour source tells me.
11.08am BST
11:08
Grant Shapps, the former Conservative party co-chairman, says Lord Heseltine’s calls for a second EU referendum (see 8.52am) is “outrageous”.
Like Lord Heseltine I voted Remain, but his argument that parliament shouldn't implement that vote without another referendum is outrageous!
11.05am BST
11:05
This morning’s cabinet meeting, the first since the EU referendum, is over. Ministers are leaving No 10 now.
Updated
at 11.17am BST
11.04am BST
11:04
Roberta Blackman-Woods has resigned as a shadow housing minister.
I have just resigned my position on the frontbench for the reasons as set out below in my letter to Jeremy pic.twitter.com/wtYq5lgt9D
11.01am BST
11:01
The Labour MP Ruth Smeeth has resigned as a PPS (parliamentary private secretary).
It's with a heavy heart that I have just resigned as PPS to the Shadow Northern Ireland & Scotland teams.
10.59am BST
10:59
The Labour MP Karin Smyth was parliamentary private secretary to Heidi Alexander, who resigned as shadow health secretary yesterday. In a letter to party members in her constituency Smyth says she will not serve in the shadow health team anymore and that Jeremy Corbyn should stand down as leader.
Here’s my letter to Bristol South Labour Party members this morning pic.twitter.com/mcFgyMC9YV
10.55am BST
10:55
Here is the text of Diana Johnson’s letter to Jeremy Corbyn resigning as a shadow foreign office minister.
This is the text of my resignation letter sent to Jeremy Corbyn. pic.twitter.com/NoEyBywinA
10.51am BST
10:51
This is from the Daily Mirror’s Jason Beattie.
The unknown factor is how many of those who voted for Corbyn have now turned against him. MPs say substantial number, Corbynistas disagree
And this is from my colleague John Harris.
Lab MPs can put someone else at the helm of Titanic. Truth: party now irrevocably split btwn (new) members & MPs & long, deep crisis peaking
Updated
at 10.51am BST
10.49am BST10.49am BST
10:4910:49
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.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.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.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 BST10.46am BST
10:4610:46
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: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.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.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 BST10.42am BST
10:4210:42
The cabinet has been meeting this morning. Here are some of the ministers arriving.The cabinet has been meeting this morning. Here are some of the ministers arriving.
10.37am BST10.37am BST
10:3710:37
Wayne David has resigned as a shadow minister covering the Cabinet Office, Scotland and justice.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/N2Varu8sHFThis 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
10:12
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...
Apparently, Tom Watson did tell Corbyn about the feelings within the PLP... Politely. But firmly
10.10am BST
10:10
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
10.06am BST
10:06
Here is Jeremy Corbyn leaving his home this morning.
10.04am BST
10:04
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
10.02am BST
10:02
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.
9.56am BST
09:56
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.
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.
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.
Updated
at 10.02am BST