BREAKING: Boris Johnson agrees to step down as Prime Minister

The No 10 source said the PM has spoken to Tory 1922 Committee chairman Sir Graham Brady and agreed to stand down, with a new Tory leader set to be in place by the party conference in October.

A No 10 spokesman said: “The Prime Minister will make a statement to the country today.”

It came after an avalanche of resignations, with the number of cabinet members, ministers and other MPs quitting Government and party posts topping 50 by Tuesday night.

Chancellor Nadhim Zahawi, only appointed on Tuesday to replace Rishi Sunak, was among those resigning this morning, calling for Mr Johnson to “leave with dignity” and “go now” as the Prime Minister’s refusal to quit triggered another wave of ministerial resignations.

Mr Zahawi said he had made clear privately to Mr Johnson that he should go but “I am heartbroken that he hasn’t listened and that he is now undermining the incredible achievements of this Government at this late hour”.

Derbyshire MP Lee Rowley was also among those resigning this week. He left his role as industry minister.