- George Osborne gives first speech since the Brexit as he hopes to calm the markets.
- More Labour resignations expected as Jeremy Corbyn says he will not stand down as leader.
- Pro-Jeremy Corbyn activists plan protest outside Parliament.
- New shadow cabinet announced following mass resignations.
- More than half of Labour's 31-strong shadow cabinet have quit.
- 1922 Committee propose a timetable for new prime minister and Conservative leader.
- Jeremy Corbyn denounces 'factional manoeuvring' of Labour MPs
That's a wrap for today's live blog. Make sure to follow @IBTimesUK and www.ibtimes.co.uk for all of your political and business news as the fallout unfolds in the wake of the UK voting to split from the EU.
Meanwhile, Leave.EU co-founder and Ukip donor Arron Banks has told the Electoral Commission to "bite me".
Michael Gove and Boris Johnson, the Tory duo behind Vote Leave's EU referendum victory, are nowhere to be seen. Liberal Democrat leader Tim Farron demanded Cameron tell him where the top Conservatives are. "It's not up to me to ensure attendance in the chamber," the outgoing prime minister replies.
Outspoken Labour MP Dennis Skinner shows his support for Jeremy Corbyn. We're pressuming he didn't mean 'V' for victory...
UPDATE: There's a Vine!
SNP's Angus Robertson has told Cameron Scotland has "no intention" of leaving the EU given they voted to stay in by such a huge margin.
We have no intention whatsoever of seeing Scotland taken out of Europe - that would be totally, totally democratically unacceptable. We are a European country and we will stay a European country and if that means we have to have an independence referendum to protect our place, so be it.
Corbyn also managed to thank Cameron for some of his services to the UK during his time as prime minister.
He told MPs:
On a personal note, I have many fundamental disagreements with the policies of the Prime Minister and his government, nevertheless, he led a government that delivered equal marriage against the majority of his own MPs and was right to do, I want to thank him too for his response to the Bloody Sunday inquiry and his reaction to the tragic murder of Jo Cox."
Full quote from Cameron regarding not triggering Article 50 just yet.
In the last few days I've spoken to Chancellor Angela Merkel Francois Hollande and a number of other European leaders. We have discussed the need to be further negotiations and in particular the fact that the British government will not trigger Article 50 at this stage."
Cameron repeats line that leaving EU was "not the path I wanted to be taken".
Now Corbyn takes the stand, calls the vote a "reflection on the significance of the issue" but accepts the people's vote. Corbyn invokes some laughter when he mentions how people have felt felt "disenfranchised and powerless".
Cameron confirms Scotland, Wales and Northern Ireland and Gibraltar will be involved in future discussions with EU ahead of their exit. Cameron said he will not be triggering Article 50 until Britain knows what kind of relationship they want with Europe - something their new incoming PM must decide.
Cameron makes joke while welcoming new Tooting MP Rosena Allin-Khan, telling her to keep her phone on as she "might be in shadow cabinet by end of the day".
"And I thought I was having a bad day" he adds.
Also repeats line about the vote being the "biggest democratic exercise in our history".
Cameron uses opportunity to condemn recent examples of racism across the UK in the wake of the Brexit vote. He told MPs: "We will not stand for hate crime or these kinds of attacks - they must be stamped out."
Keir Starmer, junior shadow minister and former Director of public prosecutions, is the latest name to resign over the Corbyn saga.
David Cameron is set to make a statement in the House of Commons on the EU referendum outcome at around 3.30pm.
According to pro-Labour group Momentum, there will be as many as 4000 people gathering outside parliament at 6pm tonight to show solidarity for the troubled Labour leader.
Emma Rees, a national organiser for Momentum, said:
"The huge numbers of people signed up for tonight's rally in such a short space of time just goes to show the popularity of Jeremy Corbyn and his ideas.
"Momentum supporters are disappointed with the orchestrated Shadow Cabinet resignations. These actions are grossly irresponsible at a time of national crisis following the Brexit vote.
"We are ready to throw everything at building the Labour Party and the movement for a New Politics that Jeremy Corbyn leads."
Matt Wrack, General Secretary of the FBU, said:
"If there was any right time to back the labour party leader, it is now. But it's not just the right time – it is critical.
"Jeremy Corbyn has a long history of solid support for firefighters and the FBU, and he has pledged that if he came to power he would ensure investment in the service instead of cutting it to the bone. He is a committed trade unionist who holds very dear the value of workers' rights and fairness in the workplace. To desert him now would be very short sighted. What happened to 'Jez We Can', and to the enormous feeling of optimism in this country when he became leader of the labour party?
"It is time to pull together, get behind the party's elected leader and give him the support he needs to do the job he was appointed to do. I will be speaking tonight at the Momentum event and hope that this rally will galvanize party members into supporting the man they elected."
We have a video of former shadow armed forces minister Toby Perkins explainng why he left Corbyn's cabinet.
uhe Public and Commercial Services (PCS) Union have also come out in support of Corbyn while condemning those who have left over the past two days.
The union added in a statement:
Elsewhere, Unision general secretary Dave Prentis has come out in support of Corbyn.
Labour Party veteran Alan Johnson has launched a scathing attack on Corbyn, with the leader of the Labour In claiming his office office was "working against the rest of the Party" with regards to the EU Referendum at times.
In an email, Johnson added:
As Chair of 'Labour In For Britain' I take my share of responsibility for the way the Labour campaign was run. I couldn't have wished for a better Head of the campaign than Brian Duggan; and our Labour Party staff and activists, from Iain McNicol to our Regional staff and CLPs, were magnificent. They cannot be blamed for the outcome and should be very proud of the work they did.
Everyone else needs to make their own assessment as to whether more could have been done to prevent this disastrous result. I will certainly do this, as I hope will the Leader's Office. At times it felt as if they were working against the rest of the Party and had conflicting objectives.
I was proud to work with some great people who tried their very best to get the result we all wanted. Nobody in the Leadership had the right to undermine their efforts.
After just thinking it's been a while since someone left the shadow cabinet, along comes MP for Liverpool Wavertree Luciana Berger to announce she's stepping down from her role as minister for mental health.
If you've lost count on the number of resignations in the Labour camp so far – and no one would blame you if you had – then here's a quick video of most of them so far in tweet form.
Moving away from the Labour leadership crisis for (possibly) just one moment, there's some breaking news that the Tory party's 1922 committee has recommended a new Conservative leader should be in place by 2 September at the latest, with nominations closing on Thursday (30 June).
It's not just his own MPs who are calling for Corbyn to stand down as now London Young Labour (LYL) have attacked the party leader for failing to deliver a "clear or passionate Labour message for why to vote Remain".
They added in a statement:
To those young people damaged by this result, there must be action. Jeremy Corbyn failed to articulate what so many young people believed was right- to remain in the EU – and failed to turn large numbers of young people out to vote.
His leadership left large proportions of our membership confused as to where Labour stood on the EU, and damaged us in Labour heartlands. In many Labour areas, the electorate voted to Leave the EU by a large margin, despite the party's position backing a Remain vote.
We believe that the Labour Party London Young Labour (LYL) exists to promote Labour candidates and socialist values. Leaving the European Union is a huge blow to those values – it is much worse than losing a general election.
This will mean huge losses for young people. Lost jobs, opportunities, studying, friendships, relationships as well as a loss to London as a global city.
And another one
Here's another resignation.
John McDonnell, who still has his job in the cabinet as Labour shadow chancellor, has given his opinion of Osborne's speech from earlier.