Strong leadership need of the hour: Leadsom

Britain’s planned withdrawal has weakened the 28-nation bloc and created huge uncertainty over trade and investment. Some 150,000 party members were due to choose between them in the coming weeks, with the result to be announced in September. She said simply that she did not believe she had sufficient support within the party to remain in the race.

“Brexit means Brexit”, May said at least twice on Monday.

British Prime Minister David Cameron said he will resign by Wednesday, paving the way for Theresa May to replace him.

The Home Secretary, who will become Prime Minister on Wednesday, said she was “honoured and humbled” by today’s events.

May is set to become Britain’s first female prime minister since 1990, when Margaret Thatcher resigned from the premiership.

In a speech earlier in the day in Birmingham, Mrs May said there could be no second referendum and no attempt to rejoin the European Union by the back door.

She’s willing to use European Union citizens as bargaining chips, not yet saying whether they’ll be allowed to stay in Britain even if they were living here before the referendum. May had campaigned tepidly for Britain to remain but on Monday sought to reassure those who voted “leave” that she would respect their wishes.

Mrs Leadsom announced that she was quitting the contest shortly after apologising to the Home Secretary over an interview in which she appeared to suggest that the fact she was a mother gave her the edge over the childless Mrs May as a future PM.

Mrs May paid tribute to her rival candidates in the race, including Mrs Leadsom who she said had shown “dignity”, and also expressed her gratitude to Mr Cameron.

Leadsom told reporters she was pulling out of the race because a nine-week leadership campaign was highly undesirable at such a critical time.

The Cabinet minister told the Press Association: “It’s 15 months since the Conservative Party got a mandate with her as one of its key leading members – I think the last thing this country needs right now is a general election”.

“On Wednesday, I will attend the House of Commons for Prime Minister’s Questions and then after that I expect to go to the palace and offer my resignation so we’ll have a new prime minister in that building behind me by Wednesday evening”, he said in a statement delivered outside 10 Downing Street.

Lib Dem leader Tim Farron said: “With Theresa May’s coronation we need an early general election”.

Britain’s Conservative Party has confirmed that May was been elected party leader “with immediate effect”.

It was trading around $1.2970, up 0.1 percent on the day but still down around 13 percent since the day of the vote. “Theresa May has strength, integrity & determination to do the job”, finance minister George Osborne tweeted. He is refusing to resign and says he can win a leadership battle, which would be decided by a vote of party members.

The latest chapter in the political turmoil spawned by the European Union vote moved with breathtaking speed.

It’s not the typical background for someone who now says she wants to lead a country “that works not just for the privileged few”.

“Because we are going to give people more control over their lives and that’s how together we will build a better Britain”. “Britain deserves better than this”. “First, the need for strong, proven leadership to steer us through uncertain economic times”.