Theresa May has announced that she’ll step down on June 7.
Mrs May made the announcement outside 10 Downing Street this morning, having met met the leader of backbench Conservatives, Sir Graham Brady to discuss her future.
Her authority had been left in tatters following the backlash against her “new Brexit deal”.
Mrs May said that in order to deliver Brexit, her successor would have to build a consensus in Parliament.
“It is and will always remain a matter of deep regret that that I have not been able to deliver Brexit,” she said.
“It will be for my successor to seek a way forward that honours the result of the referendum.
“To succeed, he or she will have to find consensus in Parliament where I have not.
“Such a consensus can only be reached if those on all sides of the debate are willing to compromise.”
Mrs May said that the process of electing her successor would begin the week after she finally stepped down as Conservative leader.
She said that she had informed the Queen that she would continue to serve as Prime Minister until that process was complete.
Mrs May, with her voice cracking, concluded her speech saying: “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.”
Bookmaker Ladbrokes said Boris Johnson was the immediate favourite to replace Mrs May, at odds of 5-4.
Dominic Raab was second at 5-1, according to the company, while Andrea Leadsom and Michael Gove were tied in third place at 10-1.
They were followed by Jeremy Hunt (12-1), Penny Mordaunt, Sajid Javid and Rory Stewart (all 20-1).
Johnson tweeted: “A very dignified statement from Theresa May. Thank you for your stoical service to our country and the Conservative Party. It is now time to follow her urgings: to come together and deliver Brexit.”