Crypto News: How Boris Johnson breaks people

Welcome to The Readout, the new daily newsletter from Bloomberg UK.

As The Readout lands in your inbox, it looks like the British government is walking out on its prime minister.

My colleague Alex Wickham reports that ultra-loyalist Transport Secretary Grant Shapps is part of a delegation of senior ministers heading to Downing Street to urge Boris Johnson to resign. This comes after an afternoon punctuated by the tweets of fed-up government ministers resigning. Many of those who quit this afternoon were regarded as his loyal rising stars — "Johnsonian stormtroopers".

If Shapps — and another cabinet big beast, Michael Gove — fails to force Johnson from office, the Conservative backbench 1922 committee could push for a renewed vote of no-confidence, depending on the number of letters they have received. Rules, like patience, are melting away.

Yesterday we were the first to tell you that Johnson might face a leadership challenge as soon as next week. Even that felt fast. Now it seems there is a chance that challenge could come sooner.

It's been a dizzying afternoon, and things are still moving. You can follow events as they unfold on our rolling live blog. And just in case it's useful, these are the Conservatives who could replace Johnson.

Boris Johnson leaves 10 Downing Street on Wednesday. Photographer: Chris J. Ratcliffe/Bloomberg

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Away from Westminster, here's what you need to know this evening

France unveiled plans to nationalise struggling energy giant EDF.
British Airways hired rival KLM's chief operating officer amid staff shortages and flight cancellations.
Johnson's woes have sent the pound below $1.20. What was once unthinkable is now in sight, our strategist says.

Even as they were preparing the prime minister for today's public ordeals, members of his team told me they believed the game was up.

Others were more bullish: "He's not going voluntarily," one said, "regardless of how many people tell him to."

Ordinarily, Boris Johnson relishes days like today. When I worked for him, in Downing Street, he would flex his arm muscles and gurn like a wrestler in moments of strife. While I maintain he is frequently humble, sweet and kind, he thinks people who resign are, essentially, not political enough.

Listening to Sajid Javid speak after PMQs was tough for a lot of people. The journey that the now-former health secretary described was one that the prime minister has put many of us through.

Former Health Secretary Sajid Javid delivers a personal statement to the House of Commons. Photographer: House of Commons/PA Wire

Javid talked about the sense of duty that brings you into politics and the importance of being a team player. But he also talked about having to defend "lines" that then "don't stand up" and, fundamentally, the importance of integrity and of defending the national interest. I recognised all of that.

"Not doing something is an active decision," he said, in a not-so-coded message to his former cabinet colleagues. "At some point," Javid said, "We have to conclude enough is enough."

"Enough is enough" is what people inside Number 10 have messaged me today too. They use blunt language to say that even they don't believe what is coming out of Downing Street.

It was uncomfortable to watch the reaction of my former boss as he was told by Javid that the government's problems start with him.

But it is to be welcomed that the vast majority of those resigning have mentioned "integrity." Any new leader has a lot of work to do.

The electric car revolution is picking up speed, with dozens of models available and more on the way in the coming year. To help understand how models compare, Bloomberg Green has launched a new EV ratings dashboard. Right now it catalogues models currently available in the US, but many of the details are just as relevant for would-be owners in the UK. Along with car specs, there's also a Green rating for each model, based on how efficiently the cars travel once on the road and the resources needed to manufacture the batteries in those cars.

If we have time...

How do you solve a problem like sterling? The pound's woes may not be over yet, even if tax cuts are back on the table.

Big interest rate rises are on the cards. Two top Bank of England officials suggested quicker hikes might be needed to tackle inflation.

Coal's comeback is on. The UK is poised to water down a key climate pledge — a commitment to end coal power by 2024.

Rentals rising. The cost of renting a London property through Airbnb has jumped as tourists return to the city.

The economy's OK — for now. The UK isn't in such a horrible shape, despite high inflation and energy bills, Marcus Ashworth argues.

Time to pay up. Thailand is planning to raise hotel rates to pre-pandemic levels — but only for overseas visitors.

The age of Mohammad Barkindo, secretary-general of OPEC, who has died in his native Nigeria.

One key story, every weekday

Abbie Marshall at the The Buck Inn. Photographer: Joanne Coates/Bloomberg

Abbie Marshall, the landlady of The Buck Inn in Yorkshire, is trying to cope with surging costs. When she took over the pub last year, she planned for a 4% inflation rate. But now it's running above 9% and rapidly heading for double digits. Marshall has changed the costs on her menu four times and raised the price of a pint of beer on three occasions.

Technically, a recession is usually declared after two quarters of economic contractions. But for many of the households and businesses who make up the world economy the downturn is already here.

Read The Big Take.

Your early warning system for the day ahead

7 a.m. Halifax House Price Index

7 a.m. earnings Entain, Ferrexpo, Persimmon, Currys, Jet2, Watches of Switzerland, John Wood.

AGMs Pets at Home, Sainsbury's, Severn Trent

9.30 a.m. Office for Budget Responsibility report: Fiscal risks and sustainability; Productivity data via ONS; Economic and social change indicators via ONS.

Follow all tomorrow's early news in The London Rush, live on Bloomberg UK from 8 a.m.

Please send thoughts, tips and feedback to readout@bloomberg.net. You can follow Allegra on Twitter. The Readout is edited by Adam Blenford.