The Times, the Guardian and the Financial Times describe Boris Johnson's premiership as "on the brink".
The Times says the resignations of the Chancellor Rishi Sunak and the Health Secretary Sajid Javid within minutes of each other were "apparently co-ordinated" in a move that dealt the PM a "potentially fatal blow".
The paper adds that after their departures, opponents of Mr Johnson said they would push for a second confidence vote in the prime minister before Parliament's summer recess, if he didn't resign.
The Guardian says both Mr Sunak and Mr Javid's resignation letters dealt a "crushing blow to his authority". It notes that Mr Sunak highlighted differences of opinion over economic management between him and Mr Johnson – increasing speculation that the former chancellor has "not given up on a run at the premiership."
The Financial Times reports there was also relief in Downing Street when other cabinet members, including Dominic Raab, Liz Truss and Ben Wallace, indicated that they were staying. But it adds that many Conservative MPs now believe Mr Johnson's time in office is nearing its end.
The Daily Telegraph describes the prime minister's situation as "hanging by a thread" but says he is scrambling to shore up his cabinet and insists he will carry on as leader.
In what it calls a "swipe" at Mr Sunak, the paper says Mr Johnson indicated that tax cuts would be easier to deliver now he was no longer the chancellor. The Telegraph carries denials from Mr Javid and Mr Sunak that their resignations were co-ordinated – but says its can also reveal that both men had already discussed resigning with close aides.
It is the "end game" for the prime minister, according to both the i and the Daily Mirror. The i newspaper describes him as "reeling" from the shock resignations and says their attacks on his integrity are to "try to force him out of Downing Street".
For the Mirror the prime minister is "desperately clinging to power", but it thinks he is doomed. The paper quotes an unnamed Tory MP as saying "even his most blinkered allies know it is all over".
The Sun believes the prime minister is in the "last chance saloon" saying he was "knifed" by his former colleagues on a "day from hell".
The most upbeat coverage for the prime minister is in the Daily Express. With the headline "Boris fights on" it says he dismissed a "failed coup" as a "moment of liberation" that would allow him to unleash sweeping tax cuts.
According to the paper he declared the government was now free to pursue a "true-blue Tory agenda, paving the way for victory in the next election".
The Daily Mail reports that Mr Johnson is fighting for his political life on what it calls the "most dramatic night at Westminster since the toppling of Margaret Thatcher". It says the prime minister was locked in Downing Street last night, trying to plot a route to survival. Its front page headline asks: "Can even Boris, the greased piglet, wriggle out of this?"
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