Michael Gove remains favourite to succeed Boris Johnson as foreign secretary but bookmaker Ladbrokes says a rush of bets on Jeremy Hunt has seen odds on his appointment shorten considerably.

Image source, PA

Boris Johnson's resignation as foreign secretary over Theresa May's Brexit policy will delight some Conservatives and dismay others - but it does not come as too great a shock.

The former London mayor and prominent Leave campaigner has been at odds with Mrs May's vision for Brexit for some time and has not been shy of saying so in public, leading many to wonder why he has not been sacked before now.

Read more about his career so far.

Shadow foreign secretary Emily Thornberry said Boris Johnson's resignation was about his "leadership ambitions".

She told BBC News: "They are not just two senior cabinet ministers, this is Brexit.

"This is because for the last two years we have just been seeing a soap opera playing out in the Tory party.

"We have not been seeing the party that is supposed to be in government thinking about the country, but only thinking about themselves.

"I have been saying to him: concentrate on the day job, Boris - think about Yemen, think about peace in the Middle East... stop thinking about your leadership ambitions and think about your day job.

"And this is about Boris Johnson going for the leadership because he is worried that someone else has gone for it first and he feels he has to catch up."

TV helicopters briefly captured images of Boris Johnson on the phone at the foreign secretary's official residence - but we are yet to hear from him publicly.

The BBC understands he is expected to leave the residence shortly.

Theresa May's recent comments about restored "cabinet responsibility" drew laughs in the House of Commons.

Conservative activists felt "so disappointed" and "betrayed" over the cabinet's Brexit deal they refused to carry to campaigning for their party, an MP says.

We heard earlier the PM would fight any attempt to remove her from her position and it seems she may need that resilience before the day is through...

David Davis and Boris Johnson may have been hoping their resignations would force the prime minister to reassess the Chequers agreement, but that doesn't seem to be on the cards...

Labour's Mary Creagh asks Theresa May if she has appointed a new foreign secretary and, if she has, "who is it?"

The prime minister responds by saying that, as she has been in the chamber pretty much ever since the announcement, no decision has yet been made.

The decision, Mrs May says, will come "in due course".

House of Commons
Parliament

The leader of the DUP at Westminster, Nigel Dodds, asks Theresa May to make it "very clear" that she still rejects "the EU's legal interpretation" of the plans for a 'backstop' deal on the Irish border.

He asks for a guarantee that there will be no "constitutional, political or regulatory" differences between Northern Ireland and the rest of the UK in the backstop deal.

Theresa May says she continues to reject a protocol on the backstop put forward by the European Commission earlier this year.

A "border down the Irish Sea" would be "completely unacceptable" to the government, she adds.

Theresa May says the two models on offer from the EU over Brexit are "simply not acceptable".

Pro-European Conservative MP Anna Soubry commends the prime minister on her Chequers plan and says she would like to "congratulate her on her leadership".

She asks what further details there will be in Thursday's white paper about the UK's future relationship in services with the EU.

Theresa May pledges that there will be additional details on the trade in services in the document.

She adds that it will be important that the UK maintains "flexibility" in services trade.

Image source, HoC

Speaking in the Commons, Tory MP and Remainer Ken Clarke congratulated the PM on her Chequers deal and wished her luck in the "difficult few days ahead".

He then asked if she was confident the other EU leaders would accept the deal as "a starting point for negotiations".

He also asked for both sides to "speed up the serious negotiations".

Theresa May said the leaders have responded positively so far and the European Council agreed for a needed to increase the pace.

Wales' first minister has called for a general election as Theresa May is rocked by resignations.

A vote of no confidence in Theresa May is not beyond the realms of possibility now, says the BBC's political editor.

House of Commons
Parliament

Image source, HoC

Conservative MP Sir Nicholas Soames asks if "despite the slings and arrows", the prime minister will "deliver a Brexit" that is good for the UK's prosperity and security.

Mrs May says that "this is exactly the aim of myself and this government".

House of Commons
Parliament

Image source, HoC

Conservative Jacob Rees-Mogg says that the PM said that the UK would "not be hindered" from striking free trade deals, before saying that the UK would be unable to agree a trade deal with the United States, due to a commitment to the EU "common rule book".

He asks what obstacles there will be to trade.

Mrs May says that the UK "could tear up" all its regulatory standards but that isn't what the public would want the government to do.

Laura Kuenssberg
BBC political editor

Now he's gone and done it.

For a long time it has been clear that Boris Johnson was not happy with the prime minister's Brexit strategy.

His dissatisfaction was more than just the odd off-colour remark, although goodness knows there were enough of them.

His departure is a huge story and turns what might have been a couple of days of significant turmoil into a significant crisis for Theresa May and for the whole Brexit project.

He was Brexit's main cheerleader, the politician most associated with making it happen and one of the best known politicians in the country, for good or ill.

Read more from Laura here.

The pound has fallen in reaction to Boris Johnson's resignation.

Sterling fell half a cent against the dollar to trade at $1.3257. Against the euro, it fell back to €1.1273.

But the UK's stock market has actually picked up slightly.

Shares often rise when sterling falls, as the weaker currency lifts the value of companies' overseas earnings.

The FTSE 100 had been up by about 0.5%, but is now up by nearly 0.9%.