Latest developments:
Jeremy Corbyn has said he will not "betray the trust of those who voted for me" as he vowed to stay on as Labour leader.
Mr Corbyn said he will stand in any fresh leadership election, adding that he will reshape his shadow cabinet over the next 24 hours following a wave of resignations.
He said: "I was elected by hundreds of thousands of Labour Party members and supporters with an overwhelming mandate for a different kind of politics.
"I regret there have been resignations today from my shadow cabinet. But I am not going to betray the trust of those who voted for me – or the millions of supporters across the country who need Labour to represent them.
"Those who want to change Labour’s leadership will have to stand in a democratic election, in which I will be a candidate."
The leader of the UK's biggest trade union has said the country is 'riven' as a result of the EU referendum.
Len McCluskey told ITV News that the trade unions can help broker a peace deal and reunite the party now the "coup has failed".
Labour leader Jeremy Corbyn said he would 'reach out' to MPs that oppose his leadership but said they should 'respect democracy'.