Brexit: Michael Gove launches leadership bid as prominent Tories back Theresa May - as it happened

Boris Johnson shocked the Conservative Party by pulling out of the leadership race on Thursday

Michael Gove delivers his speech after announcing his bid to become Conservative Party leader (Reuters)

Here are the latest updates:

• Michael Gove launches leadership bid
• ...while admitting falling wages under Tory government
• Boris Johnson responds to Mr Gove's 'betrayal'
• Ken Clarke calls for Justice Secretary to withdraw from 'farce'
• Tories turn on Mr Gove after shock leadership bid
• Poll suggests more than a million of Leave voters regret Brexit
• Francois Hollande says Brexit can't be cancelled or delayed
• George Osborne ditches 2020 budget surplus target
• Spike in hate crimes in week after EU referendum
• How Boris Johnson's dash for glory came to an end
• Poll shows Jeremy Corbyn would win leadership contest
• Labour Party gains 60,000 members amid Corbyn coup
• Angela Eagle delays Labour leadership challenge
• Value of pound falls for second day against US dollar

Please allow a moment for the live blog to load

Senior Conservatives were giving their backing to Theresa May's leadership bid as rival Michael Gove prepared to set out his case for becoming Prime Minister on Friday.

He became the most prominent pro-Brexit candidate after his shock entry into the race, followed by favourite Boris Johnson's announcement that he would not be running.

The Home Secretary's cabinet colleagues Michael Fallon and Patrick McLoughlin are among those supporting Ms May to be the next Prime Minister.

Turmoil in the Labour Party continues as Jeremy Corbyn continues to refuse calls to resign as leader following a vote of no confidence among his MPs.

A poll indicated he could still see off a leadership challenge but his previously rock-solid support in the party may be falling away.

Shadow Chancellor John McDonnell will spearhead a fightback by the Corbyn camp on Friday, setting out the party's economic response to Brexit as the Labour leadership attempts to show it can still function as an effective opposition despite the revolt.

Meanwhile, debate continues about the path to a Brexit following last week's EU referendum.

Some countries within the union have called on the UK to activate Article 50 and start the process to leave immediately, although the move still needs to be approved in Parliament.