Ten Things You Need to Know Today: Monday 4 Jul 2016

1. Farage stands down as Ukip leader

Nigel Farage has announced he is resigning as leader of Ukip following the EU referendum vote for Brexit, saying his "political ambition has been achieved". He told reporters at a press conference this morning: "During the referendum, I said I wanted my country back... now I want my life back."

Nigel Farage: I could lead Ukip again

2. Osborne to cut business tax below 15%

George Osborne says he will cut corporation tax by at least 5% in an attempt to woo businesses after the UK voted to leave the EU. The Chancellor did not give a timetable for the measure but said it would show the UK is "still open for business". The tax will be reduced from 20% to 15% or less, the lowest of any major economy.

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Remain-voting City lobby group calls for 'dramatic Brexit U-turn'

3. Legal action launched to delay Brexit

A law firm acting for a group of unnamed business leaders and academics has initiated a legal challenge to Brexit. The action seeks to ensure that Article 50 cannot be triggered without an Act of Parliament.

Brexit: Theresa May says ‘trust me’ to deliver

4. EgyptAir flight MS804: Human remains found

A search vessel in the Mediterranean has discovered human remains at the crash site of EgyptAir flight MS804, which came down en route from Paris to Cairo on 19 May, killing all 66 people on board. Aviation officials believe there was a fault in the plane's technical systems.

EgyptAir MS804: 'Traces of explosives' found on victims' bodies

5. Trump accused of racism over Clinton star

Donald Trump has been accused of "clearly" racist comments by Libertarian White House candidate Gary Johnson after posting a tweet of an image of Hillary Clinton sourced from a neo-Nazi message board and featuring a Star of David. The claim comes just days after the businessman said he would consider firing government workers who wear hijabs.

Donald Trump sued by two states over business links

6. Mourning begins after bombs kill 120 in Iraq

Iraqi Prime Minister Haider al-Abadi has announced three days of official mourning in the country after 120 people were killed and 225 injured in a suicide bomb attack in Baghdad yesterday. Islamic State has claimed responsibility.

Baghdad bombings: Islamic State escalates terror campaign

7. Michael Foot memorial vandalised with swastikas

A memorial to the late Labour leader and journalist Michael Foot in his home town of Plymouth has been daubed with swastikas and the name of far-right political party the BNP. "Michael stood up against fascism and to see these symbols of hate on his memorial is sickening," wrote Labour party member Luke Pollard on Facebook, sharing images of the damage.

8. Aherne death 'shows lack of working class voices'

Caroline Aherne's death on Saturday at the age of 52 highlights a dearth of working class voices in British television, says one of her former co-stars. Ralf Little, who appeared alongside the writer and actor in The Royle Family, said she had been a "leading light in showing that working class people can be on TV, being ourselves".

9. Lily Allen live tweets from party featuring Farage and Murdoch

Singer Lily Allen live-tweeted from a garden party yesterday where media mogul Rupert Murdoch was socialising with Ukip leader Nigel Farage, Tory leadership hopeful Liam Fox and The Independent owner Evgeny Lebedev. Farage has often railed against political elites in the past, notes The Guardian. Murdoch's The Sun newspaper backed Brexit.

10. Prostitution: The pros and cons of decriminalisation

Politicians have called for reforms to the prostitution laws in England and Wales to give greater protection to sex workers and bring legislation in line with reforms in other countries. In an interim report, presented last week, the home affairs select committee of MPs said the Home Office should immediately introduce legislation to allow for solicitation by sex workers and to change brothel-keeping laws to allow workers to share premises.

The pros and cons of decriminalising prostitution