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Aubrey Allegretti at The Times: "Wes Streeting has told allies that he is preparing to resign and trigger a leadership contest as soon as tomorrow. The health secretary confronted Sir Keir Starmer this morning during a meeting ahead of the King’s Speech that lasted just 16 minutes over the turmoil engulfing the Labour Party. Allies of Streeting who have spoken to him directly said that he has made clear that he is “going to go for it”. They said that he is likely to resign on Thursday and mount a formal challenge for the leadership. One Streeting ally who has spoken to him said: “He is going to go for it. He’s going tomorrow.” 

• Continued: "Discussions have also been held to prepare for MPs to sign Streeting’s nomination papers, according to one of those with knowledge of the plans. Another who has spoken to him said that claims by Starmer’s allies that he has “bottled it” are wide of the mark and that he made clear in private that he will make a bid for the leadership. A third senior source organising for Streeting said: “If they [Starmer’s supporters] think this is over, they’re going to be disappointed. I’m expecting a move before the end of the week.” A spokesman for Streeting said: “Wes is the Health Secretary, he is proud of his record of falling waiting lists and a recovering NHS. He is not planning to say anything following his meeting with the Prime Minister that might distract from the King’s Speech.”
• As noted previously, an immediate contest would restrict Andy Burnham's ability to run, and potentially Angela Rayner's, depending on the progress of her tax investigation.
• Starmer would be on the ballot in a leadership challenge without requiring any MP signatures. The party's National Executive Committee (stacked with Starmer appointees) would set out the timetable. There would be a one-member-one-vote election. On the presumption that there are only two candidates, the individual with the most votes would win. In the event of more than two runners, if no candidate receives a majority the lowest placed candidate is removed and their additional preference votes redistributed until a candidate holds a majority. 

Gilts & GBP weaker, as headlines point to an imminent ministerial resignation from Wes Streeting, signalling a potential leadership challenge being imminent.

Full Streeting piece is here: https://www.thetimes.com/uk/politics/article/keir-starmer-latest-news-kings-speech-resign-cx5vk5t6g

• "Wes Streeting has told allies that he is preparing to resign and trigger a leadership contest as soon as tomorrow"
• "Allies of Streeting who have spoken to him directly said that he has made clear that he is “going to go for it”. They said that he is likely to resign on Thursday and mount a formal challenge for the leadership"