Boris Johnson is resigning as Conservative Party leader, it has been reported.

Cabinet members urged the embattled prime minister to “leave with dignity” and “go now”, as his refusal to quit triggered another wave of ministerial resignations.

Boris Johnson 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 source said.

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

Nadhim Zahawi, who was only appointed on Tuesday, 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”.

The Chancellor’s extraordinary statement said the country “deserves a Government that is not only stable, but which acts with integrity”.

Mr Zahawi has not resigned but Michelle Donelan, who was also only appointed on Tuesday night, quit as Education Secretary.

She told Mr Johnson “I can see no way that you can continue in post” but without a formal mechanism to remove him the Cabinet must “force your hand”.

Brandon Lewis quit his Cabinet post as Northern Ireland Secretary, telling the Prime Minister the Government requires “honesty, integrity and mutual respect” and it is “now past the point of no return”.

His departure was soon followed by a string of other ministers as the number of MPs quitting government and party posts since Tuesday evening topped 50.

Around a third of all MPs who held non-Cabinet ministerial positions at the start of the week have now resigned.