Brexit live: ‘It was not our responsibility’ to have plan for leaving EU, says Osborne

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9.09am BST

Good morning. I’m Andrew Sparrow, taking over from Claire.

The Labour MP John Woodcock, who is firmly on the right of the party and who is a vocal opponent of Jeremy Corbyn’s, has also been giving interviews this morning, ahead of the no confidence vote. He told Sky News that many party members who voted for Corbyn last year were now having second thoughts.

A lot of people who voted for Jeremy last year have looked at what’s happened and thought, ‘No, actually it’s not right’. And this has real consequences. We are not just talking about a man who can say nice things and who can make us feel good about our party … I think party members are changing their view, right across the country. Of course there are people who want him to stay on but many are thinking, this is the time to change.

Jeremy has surrounded himself with people who have never cared about the electoral fortunes of the Labour party. It is a project on the very fringes of the left. So you have the image of Jeremy being given a stark and dignified message at the PLP meeting and then to go and address a rally that sf full of people from the Socialist Workers party and the very hard left and people walking around wearing t-shirts saying ‘Get rid of the Blairite vermin’.

That not only suggests that Jeremy is wrapping himself in a bubble from which there is absolutely no chance of us being able to change the country and also to allow tacitly that message which dehumanises members of parliament.

8.48am BST

I’m handing over to Andrew Sparrow now, to guide you through the rest of the day.

Thanks for reading and for your comments so far.

8.47am BST

My colleague Aditya Chakrabortty has written powerfully today about the spate of racist incidents reported since the vote to leave the EU:

None of this is coincidental. It’s what happens when cabinet ministers, party leaders and prime-ministerial wannabes sprinkle arguments with racist poison. When intolerance is not only tolerated, but indulged and encouraged. For months leading up to last week’s vote, politicians poured a British blend of Donald Trumpism into Westminster china. They told 350m little lies. They made cast-iron promises that, Iain Duncan Smith now admits, were only ever ‘possibilities’. And the Brexit brigade flirted over and over again with racism.

Michael Gove and Boris Johnson peddled their fiction about Turkey joining the EU. One didn’t need especially keen hearing to pick that up as code for 80 million Muslims entering Christendom. Foregoing any subtlety, Nigel Farage said allowing Syrian refugees into the UK would put British women at risk of sexual assault. In order to further their campaign and their careers, these professional politicians added bigotry to their armoury of political weapons.

Related: After a campaign scarred by bigotry, it’s become OK to be racist in Britain | Aditya Chakrabortty

8.40am BST

European stock markets are rallying at the start of trading after two days of big falls. In London, the FTSE 100 has jumped by 125 points, or about 2%, to 6,109 – recovering some of yesterday’s losses.

Every share has risen, led by builders, who endured the brunt of the Brexit backlash. The French and German stock markets are also up by about 2% this morning, matching the recovery in London.

Related: Brexit wipes $3tn off global shares in record rout – business live

8.33am BST

Diane Abbott has criticised the process facing Corbyn today, arguing that the no-confidence motion is not part of the rules and the secret ballot unfair. She suggested the leader would do better if the vote was public, claiming that you wouldn’t even run a “parish church” in this way.

The new shadow health secretary argued that the only way forward was a leadership election, and said if Corbyn won again then the party had to fall into line.

8.31am BST

Pressed on how Labour will fare in an election, Abbott says presenter Sarah Montague is being “very Westminster-centric”. But she says “of course” Corbyn wants to win and form a government.

This isn’t about Westminster MPs, this is about the party and the country.

8.29am BST

Diane Abbott is next up on Today to back Corbyn.

She says there is nothing in the rule book that permits today’s confidence vote. You wouldn’t run a parish council like this, she says.

There’s a very good chance that Jeremy will win a leadership election. The party will want MPs to rally behind the leader. Party members will look dimly on MPs who have chosen to unleash this kind of mayhem.

8.22am BST

George Osborne confirms he won’t run for the party leadership and isn’t endorsing anyone else “at the moment”.

It could be a pro-remain candidate, he says, if that someone has a clear vision for the future relationship between Britain and the EU.

8.21am BST

Osborne: Do I think there’s going to be a postmortem about why the campaign was lost? Of course. We didn’t win. We need a plan as a country to get ourselves out of this, while respecting the decision of the British people.

We have extensive contingency plans for the financial stability consequences of Brexit … and we spent a long time preparing those plans.

8.16am BST

The chancellor says the markets will inevitably be a bit up and down:

We are in a prolonged period of economic adjustment … it will not be as economically rosy as life inside the EU. It’s very clear that the country is going to be poorer as a result of what is happening to the economy.

That decision will come under a new prime minister.

8.13am BST

George Osborne is next up on Radio 4.

He says he warned of the economic risks of leaving the EU, but will now do “everything I can” to steer the country through it.

I don’t think you can take the attitude: ‘The people have made a mistake, you need to elect a new people.’

8.05am BST

Margaret Hodge says the rally in Parliament Square last night in support of Jeremy Corbyn does not mean he should stay as leader.

Those weren’t Labour party members – they were members of the Socialist Workers party and of Momentum.

I thought I would get attacked … Actually I have had hundreds of emails from Labour party members and supporters asking me to pursue what I’m doing.

There were 9.3 million people who voted Labour in the last election – it’s their interests we have to serve.

… to do what we all know decent men do … and resign with dignity. This is the time when friends* should come up to the mark and say … this is the best interests of the party. The country needs strong opposition and a clear route forward.

7.59am BST

Margaret Hodge – who kickstarted today’s vote of no confidence in Corbyn with a letter circulated to Labour MPs last week, has been talking on the Today programme.

She says MPs might have stayed with Corbyn if he had mounted a stronger campaign in favour of remaining in the EU:

If we’d had that strong, effective, decisive leadership, that might have made a difference.

7.44am BST

Jeremy Hunt has now confirmed that he is “seriously considering” running for the Conservative leadership and the keys to No 10.

Hunt told ITV’s Good Morning Britain:

I am seriously considering it. Nominations close on Thursday lunchtime. But what I want to do now is start making an argument as to what we do next as a country. This is a big, big change and if we get it right we can succeed.

Firstly we must not invoke article 50 straight away because that puts a time limit of two years on negotiations after which we could be thrown out with no deal at all.

So before setting the clock ticking, we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election.

7.39am BST

Global stock markets have suffered their biggest two-day rout ever, thanks to Britain’s shock decision to vote to leave the EU.

Yesterday, $930bn was wiped off the world’s stock markets, in a fresh bout of selling. That followed the rout on Friday, which destroyed $2.03tn of value.

Related: Brexit wipes $3tn off global shares in record rout – business live

7.30am BST

Sky News says it believes Jeremy Hunt, the health secretary, will throw his hat into the ring to be the next Tory leader (and prime minister).

Jeremy Hunt to run for Tory leader – @SkyNews sources

The Conservative modernisation project succeeded in reassuring many younger and more liberal voters – but will not be complete until we are also connecting with many who are struggling to make ends meet at the more brutal end of modern capitalist economies.

We need to unite the party after a bruising battle on the referendum – but we must remain resolved to unite the country as well. This is a time to remember our heritage as the party of one-nation Benjamin Disraeli as much as the free-trading Robert Peel – and tap into their remarkable vision and optimism for the future.

7.24am BST

Matt Wrack, the general secretary of the Fire Brigades Union, has been speaking on BBC Radio 4’s Today programme in defence of Jeremy Corbyn.

He thinks Corbyn will win today’s confidence vote and accuses the Labour leader’s opponents of a “well-planned, orchestrated coup” – and says the wider Labour membership won’t thank them for “playing silly games”.

If people really want to consult local party activists, they will have to go to a vote. They feel they can force Jeremy Corbyn to resign without any genuine democratic process.

7.16am BST

The shadow chancellor, John McDonnell, has asked supporters of the beleaguered Labour leader not to protest outside the offices of those MPs who aren’t backing Corbyn:

Please don’t protest outside MPs offices.Staff feel threatened.Instead attend rallies & join party to have your say if you haven’t already.

Labour MPs have this evening been contacted by their whips to advise them on their personal safety as they leave parliament after the late votes. They have been advised on what entrances are being kept open for their safety, and told that anyone who is worried should contact the serjeant at arms.

Ian Murray, the former shadow Scotland secretary, asked his leader to “call off the dogs” after facing protests outside his constituency office following his decision to resign from Labour’s frontbench at the weekend.

“Momentum are people you and your office control,” he said, to shouts from others of: “They’re outside.”

7.06am BST

The shadow justice minister, Andy Slaughter, has left his post this morning, adding to the pressure on Jeremy Corbyn on the day Labour MPs vote on a motion of no confidence in him.

In a letter to the Labour leader, Slaughter writes:

The decision is my own, but taken after consultation with the officers of my local party and other members and councillors in Hammersmith. The view, by a clear majority, is that I should take this course.

6.39am BST

Welcome back to another busy day of EU referendum fallout. I’m kicking things off with the morning briefing to set you up for the day ahead and steering the live blog until Andrew Sparrow takes his seat. Do come and chat in the comments below or find me on Twitter @Claire_Phipps.

He’s likely to talk about a number of factors that he thinks were issues in the campaign, and in the debate. He will want to encourage people to think about how both the UK and the EU need to work together to make the best of the decision the British people have taken.

He will reiterate that article 50 is a matter for the next prime minister.

… agreed that there will be no informal or formal talks about an exit of Great Britain until a request has been submitted to the European council.

We don’t want this to turn into a never-ending story … So I await a communication about article 50 from the UK addressed to the EU … We should not wait a long time.

Have you got confidence in Jeremy Corbyn as leader of the parliamentary Labour party when this country is facing immensely challenging times?

Let me make it clear: if there is another leadership election, Jeremy Corbyn will be standing again and I will be supporting him.

I will not be a candidate in the Conservative leadership election to come.

It isn’t in my nature to do things by half-measure, and I fought the referendum campaign with everything I’ve got … So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs.

No miracle was ever so dull. Britain tended to see the EU in prosaic terms: it had not been delivered from ignominy or tyranny by European integration. Still, it gave the union heft, a free-market prod, a universal language and its second-largest economy. It was that recalcitrant member any good club needs …

The union, for all its failings, did not deserve to be betrayed by a huckster. It will not die because of this imbecilic vote, but something broke – a form of optimism about humankind, the promise of 1989.

It is not the job of LabourList to take sides on a day like this but the party cannot go as it is. The current situation is untenable and, after a day of quickfire resignations, it is deteriorating faster than many hacks can even type …

Corbyn has repeatedly said the leader will not resign. Nor will he do as John Major did 21 years ago and issue a ‘put up or shut up’ ultimatum to rebellious backbenchers, sources have confirmed. Corbyn sees no need to demand a fresh vote, given that he was elected so decisively less than a year ago, and he does not have the power to call an election. It is only if – or, rather, when – the Labour rebels muster the signatures of 51 MPs and MEPs that they will be able to trigger a leadership ballot. It is possible this could happen as soon as today …

To govern is to choose. A potential prime minister does not have the luxury of being able to fudge it. But Mr Johnson is riding two horses that are galloping towards rapidly diverging paths. If the nation is split between young and old, rich and poor, urban and rural, then so are the Brexiteers: between the buccaneering free marketeers who want to conquer the world and the anxious traditionalists who want to pull up the drawbridge.

Mr Johnson and Michael Gove are in the first group … but they won the referendum by securing the support of the ‘left behind’ voters in the second group, who feel alienated by globalisation and angry about immigration.

I think we’ll be all right. Everyone needs to stop panicking and we’ll be fine.

Hodgson, the only man in England with a coherent plan for leaving Europe.

Tsk, Tusk http://pic.twitter.com/Mx0OwZBEXv

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