Theresa May to resign as PM

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Theresa May has said she will quit as the leader of the Conservatives on 7 June and a contest to become the next prime minister will begin the following week.

In a tearful speech in front of Number 10 Downing Street, May said she has “done my best” to honour the 2016 referendum, but her failure will make her the second Conservative prime minister to be destroyed by Brexit in the last three years.

The PM, who voted to Remain in the European Union during the referendum, said it was a matter of “deep regret” that she could not deliver Brexit, but after failing to get her deal through parliament three times admitted it was “in the best interests of the country” for her to step down.

She will continue to serve as prime minister while a Conservative leadership contest takes place.

Former Foreign Secretary and Leave campaign leader Boris Johnson, who was twice fired as a journalist for lying about Europe, is the current front-runner to become the next Conservative leader and prime minister. The betting markets have Boris Johnson 6/4 favourite to take over, with his odds shortening in the last week from 11/4.

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