A Sun reporter says the 1922 Executive Committee have changed the rules around party leadership, presumably to allow MPs to vote to remove Boris Johnson.
Here's more of the latest state of play from Chris Mason at the BBC:
A group of cabinet ministers are about to tell the Prime Minister to resign, including the Chief Whip. I understand the Northern Ireland Secretary Brandon Lewis is one of those cabinet ministers intending to join a delegation of colleagues in going to see the Prime Minister to tell him he must resign. The Transport Secretary Grant Shapps is also part of the delegation.
I can't imagine that Johnson will make them go through with the vote at this point.
As for the pound, I don't see it as a big factor. Johnson had tried to woo Conservatives with a corporate tax cut after the last round of trouble in early June. That may be off the table but Sunak is the betting favorite to replace him and he's far-from-fiscally-conservative so there are upside risks to UK growth.
Meanwhile, Johnson is being grilled at a committee appearance with this:
- "I'm not going to step down"
- "The last thing this country needs is an election"
He doesn't realize that he's about to get ambushed the moment he walks out of the committee.
/GBP
