By Geoffrey Smith
Investing.com -- Boris Johnson is to resign as Conservative Party leader on Thursday but intends to stay on as Prime Minister until the autumn, the BBC reported on Thursday, citing people familiar with his thinking.
The BBC said Johnson will make a statement "within hours."
"A Conservative leadership race will take place this summer and a new Prime Minister will be in place in time for the Tory party conference in October," the BBC's political editor Chris Mason said.
Johnson's position as Prime Minister has become increasingly hopeless as dozens of government ministers, including Treasury chief Rishi Sunak and Health Minister Sajid Javid, have resigned in protest at Johnson's perceived lack of integrity and a confused policy course.
The pound ticked up on the news to trade at $1.1935, up 0.3% on the day, by 4:20 AM ET (0820 GMT)