Theresa May has been confirmed as the new leader of the Conservative party and will take over as prime minister on Wednesday.
In a dramatic day, rival Andrea Leadsom withdrew from the race, prompting the incumbent David Cameron to say that he will tender his resignation to Buckingham Palace after prime minister’s questions in the Commons tomorrow. Both sterling and the stock market have rallied on the removal of uncertainty around the Tory leadership race outcome.
Leadsom came under pressure to step down following an article in The Times in which she suggested she was better equipped than May - who voted remain to run the country because she is a mother.
There were also allegations that in her CV she exaggerated her financial experience during spells at Invesco Perpetual and Barclays.
In her resignation speech, Leadsom said she did not feel she had enough support to form a ‘strong and stable government’.
She added May (pictured) was ‘ideally placed’ for the leadership bid.
‘I wish Theresa May the very greatest success. I assure her of my full support,' Leadsom said.
Leadsom had secured the support of 84 MPs, including former Tory leader Iain Duncan Smith and Brexit champion Boris Johnson.
This was well behind the backing of 199 MPs secured by May.
While there was talk that third-placed Gove, who pulled out last week, could re-enter the race, the chair of the 1922 committee of backbench Conservative MPs, Graham Brady said that as May is the only remaining candidate the committee will consult on formally confirming her as the new leader.
Gove said May has his ‘full support as the nation’s next prime minister', while praising Leadsom’s ‘great dignity and courage’.
Conservative MP John Redwood, a fellow Brexiteer, said that although he was disappointed with Leadsom’s decision, she had been ‘decent and honourable’ by putting the UK’s national interest ahead of her own ‘personal ambition’.
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