Theresa May to resign as Conservative party leader on 7 June
Theresa May has announced that she will step down as the Tory party leader on Friday 7 June in a tearful speech outside of 10 Downing Street.
Following a meeting with the 1922 committee this morning, May informed chairman Sir Graham Brady of her intention to resign following three years as Prime Minister.
The decision has also been made for her to remain on as Prime Minister in a temporary capacity until a new Conservative leader is elected.
The process to elect a new Tory leader will commence the following week, on the 10 June.
Read more: Theresa May will quit as Prime Minister on 7 June
"It will always remain a matter of deep regret to me that I was not able to deliver Brexit. My successor will have to find consensus where I have not."
She added: "I have agreed with the party chairman and chair of the 1922 committee that the process for electing the new leader should begin in the following week."
Whoever is elected the new Tory leader will become the prime minister of the United Kingdom and face the challenge of securing a Brexit deal before 31 October, when the UK is due to leave the EU.
May's resignation comes at the end of a week in which she faced increasing pressure to quit, following a backlash from cabinet ministers over her Withdrawal Agreement Bill, which included options for a customs union agreement and to give MPs a vote on holding another referendum.
It was due to be voted on during the week commencing 3 June, but with the new proposals angering her party's members, May has accepted that it would have been heavily defeated once again.
She had already seen her Brexit deal voted against on three separate occasions since the start of January, and talks to find a compromise with Labour over the past two months also failed.
"I have done everything I can to convince MPs to back that deal," she added. "I tried three times. I believe it was right to persevere.
"It's now clear to me it's in the best interests of the country for a new Prime Minister to lead that effort."
May struggled to finish her speech as she fought back tears, praising the job as the "honour of my life", before heading back into 10 Downing Street.
"I will shortly leave the job that it has been the honour of my life to hold.
"The second female prime minister, but certainly not the last. I do so with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love."
The moment May broke down in tears as she declared it "had been the honour of her life" (Source: Getty)
https://twitter.com/AmberRuddHR/status/1131852207970824192
One of the candidates to replace May as the Conservative leader, Amber Rudd, has called on the party to "come together to make a success of the next phase of our Party’s great story."
She added: "Brexit is a process and compromise is needed to pass a Deal that works for everyone. We must show we can lead this great country to the strong future that I know we can deliver."
Foreign secretary Jeremy Hunt labelled May as "a true public servant", and said: "Delivering Brexit was always going to be a huge task, but one she met every day with courage and resolve."
Read more: Theresa May’s legacy? Contortions of logic and tin-eared obstinacy
Another potential candidate for the leadership, Michael Gove, said that the Prime Minister deserved "our respect and gratitude."
The pound has risen marginally in the wake of May's announcement, although it had already increased slightly with the news early this morning that she was set to give a departure date.
It was up 0.2 per cent against the dollar to 1.268 and 0.14 per cent against the euro to 1.1336.