Boris Johnson will announce his resignation as British Prime Minister later today, and also will also quit the post of Conservative Party leader, the BBC and other media outlets reported.

At the same time, the newly installed Chancellor of the Exchequer, Nadhim Zahawi, publicly stated his belief that Johnson should resign.

More than 50 ministers have quit the UK government in less than 48 hours, claiming Johnson was not fit to be in charge after a series of scandals.

Upon reports of his resignation, the Pound sterling temporarily strengthened in value and UK stocks rose. (ILKHA)