Boris Johnson is set to resign later today as the Conservative Party leader but will remain as Prime Minister until autumn, according to multiple news sources.

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

Johnson spoke to Sir Graham Brady, chairman of the Conservative 1922 Committee, to inform him of his decision, the No 10 source says.

“The Prime Minister has spoken to Graham Brady and agreed to stand down in time for a new leader to be in place by the conference in October,” the source added.

Yesterday, Johnson told senior MPs on the Commons Liaison Committee it would not be right for him to “walk away” amid economic pressures and the war in Ukraine, according to the BBC.

Last night, Johnson fired the secretary of state for levelling up, housing and communities Michael Gove after he urged the Prime Minister to resign.

According to Sky News, it is understood that Gove was one of the first serving cabinet ministers to indicate he was unhappy with the Prime Minister staying in his post.

The sacking of Gove followed the resignation of health secretary Sajid Javid and chancellor Rishi Sunak, alongside several other ministers.

The BBC says the Prime Minister rang Gove on Wednesday evening to tell him he was sacked.

Gove’s departure leaves just one salaried minister, Eddie Hughes, left at the department responsible for Johnson’s policy of levelling up, the BBC notes.

Gove took up the role of levelling up secretary on 15 September last year. He was previously chancellor of the Duchy of Lancaster from July 2019 to September 2021.

Last month, Gove discussed the government’s levelling up plans that were announced in the Queen’s Speech.

Gove said since the record high of 244,000 new home completions pre-pandemic there has since been “a number of economic headwinds which will make life more difficult” to reach the target of 300,000.

He said the target is still in place “but there are a number of factors that are going to make it and have made it more difficult”.

In addition, he highlighted the country’s “significant housing challenges” such as a historic lack of supply compared to the level of population growth.

The former secretary of state said it’s “unlikely” that the government will consistently hit the 300,000-target year on year.

According to data published by Unlatch, last year 181,810 new homes of the 300,000 target were completed across the UK, representing a shortfall of 118,190, which is the highest number since 2007.

Earlier in June, Johnson announced new measures to support more people to get onto the property ladder, including a comprehensive review of the mortgage market.

The Prime Minister set out the government’s commitment to reversing declining homeownership rates.

He also confirmed his ambition to “unlock the opportunity of home ownership” for more people through Right to Buy.

Last week, the UK government said it is considering plans for cross-generation mortgages to tackle the housing crisis but the idea was not welcomed by all in the mortgage sector with one describing the idea as “ludicrous”.

The new plans would see homeowners take out 50-year mortgage terms to be passed on to their children when they die.

While this style of mortgage has been introduced in other cultures, there are a lot of questions to be asked on how it would work in the UK.

When asked about the scheme, Johnson said he was “certainly” considering cross-generation mortgages, according to a Sky News article.