Boris Johnson wants to go down fighting

Sky News political editor Beth Rigby reports on the state of play in UK politics. She cited an ally of Johnson’s who says he won’t resign.

“The PM conscious he has a mandate from 14m people and the only way he will leave is if the party takes that mandate off him,” the source said.

A separate report said he sees valor in fighting to the political death.

Unless he changes his mind, we’ll have to wait for the execution on Monday when the 1922 Executive Committee is reformed and changes its rules to allow for a new confidence vote.

Along with this, Johnson will need to appoint a new cabinet including replacements for the two cabinet ministers he appointed just yesterday. As he continues to fight, expect more resignations.

Betting markets show something like a 97% chance that he’s done but it could be a messy five days. I think there are some GBP-buyers in the weeds but it will be tough for them to make a move until this is cleared up.