After months and months of speculation about a Labour breakaway, it looks like today might finally be the day it happens, with a group of Labour MPs expected to make a statement on the “future of British politics” in the next few minutes. Speculation is rife about who the splitters will be – eight chairs have been set out at the launch event and there is a podium which has been covered up. Chuka Umunna and Chris Leslie look like the most nailed-on bets…

Corbynistas have named Angela Smith, Ian Austin and Mike Gapes as three other likely quitters, although Ian Austin has reportedly since denied that he is quitting the Labour Party. Other potential Labour exiteers include Luciana Berger, Owen Smith, Peter Kyle, Stephen Kinnock and Liz Kendall. Read Guido’s full defection watchlist here…