Brexit: Labour MPs to hold no-confidence vote in Jeremy Corbyn - as it happened

Nicola Sturgeon, the Scottish first minister, has used Twitter to mock Boris Johnson’s claim this morning (see 9.56am) that Project Fear is over.

This morning’s market news (see 10.27am) also suggests that Johnson’s claim about the pound and the markets being stable was premature.

The pound is falling again this morning, and share prices are falling too. My colleague Graeme Wearden has more on his business blog.

As Sky’s Faisal Islam reports, trading in RBS shares was halted briefly this morning. This is something that happens when share prices are falling very quickly.

27 Jun 201605.24 EDT

Watson tells Corbyn he has lost authority in PLP

Anushka Asthana

Tom Watson has told his party leader, Jeremy Corbyn, that he has lost his authority in the parliamentary Labour party and that if there was a leadership election, then members would be voting with that knowledge

In critical talks at 9am this morning, the deputy leader set out how destabilising a wave of shadow cabinet and ministerial resignations had been for the party, but fell short of calling on Corbyn to resign.

Labour sources, including those close to the leader, are now admitting that a leadership election is looking increasingly likely, with Watson telling Corbyn he would do his best to hold the party together in that situation.

But Corbyn remains defiant, with his team reiterating his words last night: “Those who want to change Labour’s leadership will have to stand in a democratic election, in which I will be a candidate.”

The celebrity chef Jamie Oliver has said his faith in the British people will be “broken forever” if Boris Johnson becomes prime minister. In a post on his Instagram account, alongside a video of a waving European Union flag, he said:

The divorce of our European marriage will be very costly and provoke a bitterness towards us as a trusted country in the world...However I do believe in democracy and Britain has spoken. In my own way I will now roll up my sleeves and work harder than ever to make this work. But I BEG YOU ONE THING GREAT BRITAIN ???? Give me Boris fucking Johnson as our Prime Minister and I’m done. I’m out. My faith in us will be broken forever.

Tom Watson, the Labour deputy leader, has met Jeremy Corbyn, but did not tell him to resign, my colleague Anushka Asthana reports.

Nia Griffith, the shadow Welsh secretary, is urging Jeremy Corbyn to stand down, the BBC reports.

Here is Jeremy Corbyn leaving his home this morning.

View image in fullscreen

According to the Telegraph’s Laura Hughes, Maria Eagle, the shadow culture secretary, will resign later.

Alex Cunningham has resigned as shadow minister for the natural environment.

Boris Johnson, the leading leave campaigner and favourite to succeed David Cameron as prime minister, spoke to reporters outside his house this morning.

He welcomed George Osborne’s statement this morning.

I think it’s very good news that the chancellor has come out and said some reassuring things to the markets and it’s clear now that Project Fear is over, there’s not going to be an emergency budget, people’s pensions are safe, the pound is stable, the markets are stable and I think that’s all very good news.

He also insisted that EU citizens currently living in the UK would not be forced to leave.

The second point I want to make, because I’ve seen a lot of confusion over the weekend about the status of people living in this country; it’s absolutely clear that people from other European Union countries who are living here have their rights protected. All that people want to see is a system that’s fair, impartial and humane to all people coming from around the world. And also, obviously people from the UK living abroad, living in the rest of the EU, will also have their rights completely protected. I just worry there’s been a certain amount of confusion in the media over the last 24 hours.

View image in fullscreen