New Prime Minister of U.K. to Be in Place by Wednesday Evening

Theresa May will be prime minister after Andrea Leadsom pulled out of Conservative Party leadership race.
By Lisa Botter ,

Current U.K. Prime Minister David Cameron has confirmed that he will leave his post by Wednesday evening.

In statement this afternoon in London Cameron said he would chair his last cabinet meeting on Tuesday. On Wednesday he will attend the House of Commons for prime minister's questions. He will then travel to Buckingham Palace to offer his resignation to Queen Elizabeth II.

"So we will have a new prime minister... by Wednesday evening," he said, adding that he was delighted that Home Secretary Theresa May will be the next prime minister.

Cameron said he would step down as leader of the U.K. government after the country voted to leave the referendum on June 23.

In a shock move shortly after noon today, Andrea Leadsom pulled out of the leadership race of the Conservative Party, paving the way for Theresa May to become leader of the party and therefore prime minister.

This will the U.K.'s second female prime minister after Margaret Thatcher who became leader in 1979.

It is expected that May will be asked by the Queen to form a government on Wednesday.

Leadsom said that a nine-week leadership battle at such a critical point for the country would be "highly undesirable" and that May would be best placed to run the country.

"Business needs certainty - a strong and unified government must move quickly to set out what an independent United Kingdom's framework for business looks like," she said. "The interests of our country are best served by the immediate appointment of a strong and well-supported prime minister."

Over the weekend Leadsom came under fire after for saying that having children would make her a better prime minister than her rival. She had also faced questions about her working experience.

May has been home secretary for six years, she also backed the U.K. remaining part of the EU.

In a speech today given before Leadsom pulled out of the race, May ruled out a second referendum.

She said, "Brexit means Brexit. And we're going to make a success of it. There will be no attempts to remain inside the EU, no attempts to rejoin it by the back door, and no second referendum. The country voted to leave the European Union, and as prime minister I will make sure that we leave the European Union."

The FTSE 100 closed 1.43% up at 6,682.86.

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