The Director of Public Prosecutions has just announced live to the TV cameras that Chris Huhne and his former wife Vicky Pryce will be charged for allegedly "perverting the course of justice". They will appear before Westminster magistrates court on 16 February and, if found guilty, could face prison.
Huhne, who denies all allegations, will now be forced to resign from the cabinet, with the smart money on Ed Davey, the employment minister and Vince Cable's deputy, to replace him. The reshuffle is likely to be limited to the Lib Dem half of the coalition with David Cameron ignoring calls to move Andrew Lansley or Ken Clarke.
Update: You can read DPP Keir Starmer's full statement here.