Boris Johnson has quit as Conservative leader, saying it is "clearly now the will" of Tory MPs that there should be a new leader
He pledges to stay on as PM until a successor is chosen - but a growing number of Tory MPs say he has to leave No 10 now
Johnson assured cabinet this afternoon he would only act as a caretaker PM while remaining in position, new Welsh Secretary Robert Buckland says
But ex-PM Sir John Major says Johnson should go now for the good of the country
Labour also says Johnson must leave office, saying they could try to bring a no confidence vote in Parliament
Downing Street announces 12 new ministers, filling some of the posts left vacant by the recent wave of resignations
Foreign Secretary Liz Truss - a possible leadership contender who has remained silent for days - says her party needs to keep governing until a new leader is found
This is the moment the BBC's political editor, Chris Mason, broke the news that Boris Johnson plans to stand down as Conservative leader today.
Mason broke the news live on-air - moments after receiving a phone call from No 10.
Boris Johnson resigns: Chris Masons receives call on air
Image source, ReutersScotland's First Minister Nicola Sturgeon says there will be "a widespread sense of relief that the chaos of the last few days (indeed months) will come to an end" as and when Boris Johnson resigns as Conservative leader.
But the SNP leader questions the sustainability of Johnson staying on until the autumn, and says he was always "manifestly unfit to be PM".
The pound was trading marginally higher on the news that Boris Johnson will step down as Conservative leader, and later, as prime minister.
Sterling was up 0.6% at 1.198 US dollars and 0.4% stronger at 1.174 euros
It comes after the pound fell to two-year lows against the dollar on Wednesday amid rising concerns about recession around the world as energy prices continue to soar.
Image source, PA MediaPrime ministers hold weekly audiences with the Queen in person - but Johnson's last night took place via phone
Buckingham Palace declines to comment on whether the Queen has had any communication with Boris Johnson this morning.
The Queen is at Windsor Castle and the Court Circular recorded that she held her usual weekly audience with Johnson by phone on Wednesday evening.
As for a conversation this morning - ITV's Anoushka Asthana reports that one has taken place.
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Chris Mason
Political editor
He’s done it. Boris Johnson is resigning.
But wait: he will still be prime minister, he says, until the autumn.
There is always a prime minister. The job he is resigning from is Conservative Party leader. A leadership contest for a new Tory leader will now begin.
When that leader is elected - by around 100,000-ish Conservative Party members - Boris Johnson will tender his resignation to the Queen and she will summon the leader of the party that can assemble a majority in the Commons to ask them to form a government.
That will be the new Conservative leader; they will become prime minister. That’s how Downing Street are talking through their anticipated chain of events.
But: is it sustainable for him to carry on until the autumn? His supporters will argue that offers some semblance of continuity and stability at a time where there’s not much of either.
Critics, such as Scotland’s First Minister Nicola Sturgeon, are already arguing it isn’t sustainable, given the huge number of vacancies in government.
That argument will rage today. And another will begin: who should be our next prime minister?
Labour leader Sir Keir Starmer has welcomed Boris Johnson's intention to stand down as Conservative leader, and PM, adding he should have gone "long ago".
The PM's impending departure is "good news" for the country, he says, adding that Britain needs a "fresh start".
"The Tory party have inflicted chaos upon the country during the worst cost-of-living crisis in decades. And they cannot now pretend they are the ones to sort it out.
"They have been in power for 12 years. The damage they have done is profound."
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Image source, PA MediaWork and Pensions Secretary Therese Coffey says she will remain in office to ensure the "wheels of government keep turning".
In a tweet, she says she understands colleagues' concerns and "the very bad situation we are now in".
But she says her department needs to be "firing on all cylinders" to support the most vulnerable people in society.
There's more reaction to Boris Johnson's imminent resignation as Conservative leader from ministers who've called for him to go in the last 24 hours.
George Freeman, who announced he was resigning as science minister this morning, says Johnson must apologise to the Queen and advised her to call for a caretaker PM immediately.
As our political editor Chris Mason has been reporting, Johnson plans to stay as prime minister until autumn so that a Conservative leadership contest can be held and a replacement confirmed.
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Iain Watson
Political correspondent
Boris Johnson is yet to officially resign but the campaign to replace him has already begun.
Rishi Sunak stressed in his resignation letter his "fundamental" differences on the economy with the outgoing prime minister.
Sajid Javid pointed to the barriers he had overcome in his life in his resignation speech.
And Nadhim Zahawi turned the knife on the PM this morning after one minister had said his closeness to Boris Johnson could contaminate a leadership bid.
Suella Braverman has expressed an interest in the top job and there will be others including - but not limited to - Penny Mordaunt, Tom Tugendhat and Jeremy Hunt.
After a record number of resignations in 24 hours, the pressure on Boris Johnson ramped up even further this morning:
Conservative MP Robert Buckland says "the views of colleagues" will have pushed Boris Johnson to resign today, adding "he has bowed to the inevitable".
He says Johnson managed to "break the logjam on Brexit".
But he says he now hopes the Conservative Party can "get back to values" such as "freedom under the law".
As we've been reporting, Boris Johnson will resign as Conservative leader today and will continue as prime minister until the autumn.
Johnson will publicly announce his resignation later today.
A No 10 spokesman said: "The prime minister will make a statement to the country today."
Mr Johnson spoke to Sir Graham Brady, chairman of the Conservative 1922 Committee, to inform him of his decision, a No 10 source says.
"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," the source added.
Conservative MP Tobias Ellwood has been reacting to the breaking news of Boris Johnson's planned resignation.
He says he's "glad he recognised the damage that was being done not just to the party brand but also our international stock", he tells the Today Programme.
Ellwood adds the party now has a "massive amount of regrouping to do".
Chris Mason
Political editor
Boris Johnson will resign as Conservative leader today - he will continue as Prime Minister until the autumn.
A Conservative leadership race will take place this summer and a new Prime Minister will be in place in time for the Tory party conference in October.
Caroline Johnson has resigned as vice chair of the Conservative Party.
In her resignation letter, the Conservative MP for Sleaford & North Hykeham said she hadn't arrived at the decision "lightly" and it had been a "privilege" to serve in her position.
"It is with great sadness, however, that I recognise that over time the cumulative effect of your errors of judgement... have squandered the goodwill of our great Party," Johnson wrote to the PM.
"I believe that attempting to stay when the writing is on the wall can only damage our Party and therefore our country."
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More now from Chancellor Nadhim Zahawi's letter telling the prime minister to "go now", external, after only being appointed to the role two days ago.
His letter to the PM reads: "When asked to become Chancellor, I did it out of loyalty. Not a man, but loyalty to this country and all it has given me.
"Yesterday, I made clear to the prime minister alongside my colleagues in No 10 that there was only one direction where this was going, and that he should leave with dignity.
"Out of respect, and in the hopes that he would listen to an old friend of 30 years, I kept this counsel private.
"I am heartbroken that he hasn't listened and that he is now undermining incredible achievements on the government at this late hour.
"But the country deserves a government that is not only stable, but which acts with integrity."
Image source, PA Media
Nick Eardley
Political correspondent
Image source, PA MediaDowning Street's press pack awaits further developments
If it was difficult to see the PM continuing last night - it’s close to impossible this morning.
The chancellor has been in post for just over a day. He was brought in to try and save Boris Johnson some time. But after the Tory party very firmly turned against its leader - he has now said the game is up.
I’ve had radio silence from Downing Street this morning. Boris Johnson was defiant last night. This has just gone from worse to worse to worse for the PM. Is the game now up?
Education Secretary Michelle Donelan has resigned.
Donelan was only appointed on Tuesday evening to replace Nadim Zahawi after he was made chancellor.
In her resignation letter to the prime minister, she says: "Yesterday, I pleaded with you to do the right thing and resign for the sake of our country and our party, both are more important than any one person.
"I see no way that you continue in post, but without a formal mechanism to remove you it seems that the only way this is only possible, is for those of us who remain in cabinet to force your hand."
She says the PM has put ministers in an "impossible situation".
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New Chancellor Nadhim Zahawi, who was only appointed to the role on Tuesday evening, has called for Boris Johnson to quit.
In a tweet, he says: "This is not sustainable and it will only get worse: for you, for the Conservative Party and most importantly of all the country. You must do the right thing and go now."
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Image source, Getty ImagesShadow Education Secretary and Labour MP Bridget Phillipson says the quickest and easiest way for this to come to a conclusion is “for the conservative party to turf out Boris Johnson”.
“They’ve known for months exactly who he is and what he’s capable of, this not some new revelation they’ve all just chanced upon,” she tells the BBC,
“It’s very damaging for our democracies and institutions but it also makes Britain and international laughing stock.
Asked whether the Labour party would bring about a vote of confidence in the House of Commons, Phillipson says “this is not responsibility of the Labour party to solve the problems the Conservative party created for themselves”.
She said she would welcome the opportunity to bring about an election now against any Conservative.