Boris Johnson is set to resign as Prime Minister and speculation about who will replace him is rife.
Mr Johnson will remain as Prime Minister until a successor is in place, expected to be by the time of the Conservative Party conference in October. A No 10 source said Mr Johnson spoke to Sir Graham Brady, chairman of the Conservative 1922 Committee, to inform him of his decision.
“The Prime Minister has spoken to Graham Brady and agreed to stand down in time for a new leader to be in place by the conference in October,” a No 10 source said. Mr Johnson will make a statement to the country later today confirming the decision.
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The resignation comes after the Prime Minister haemorrhaged support among his ministers and MPs. 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 from the Cabinet.
Mr Javid and Mr Sunak are among the bookies' favourites to replace Mr Johnson, though Penny Mordaunt is the favourite with Paddy Power. Defence Secretary Ben Wallace also has short odds, while Foreign Secretary Liz Truss is said to be among the runners and riders.
The favourites on Paddy Power
Penny Mordaunt - 9/2
Ben Wallace - 5/1
Rishi Sunak - 11/2
Liz Truss - 7/1
Sajid Javid - 15/2
Nadhim Zahawi - 8/1
Jeremy Hunt - 10/1
Tom Tugendhat - 12/1
Steve Baker - 14/1
Michael Gove - 18/1
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