In her remarks outside the Prime Minister’s official residence, Theresa May said she had “done her best”, and “everything I can” to deliver Brexit by negotiating a deal with the European Union, but conceded “sadly I was not able to do so”.
Saying it was time for a new Prime Minister to lead Brexit, Mrs May said she would be resigning as leader of the Conservative Party on Friday 7th of June, so that a successor could be chosen.
In doing so, the Prime Minister fires the starting gun on a leadership race that has already been run behind closed doors for weeks. The details of her departure mean Mrs May could remain party leader, and hence Prime Minister, for weeks if not months more.
While she will officially relinquish the title of Conservative party leader in 14 days, May revealed she would also be staying on Prime Minister until her replacement is selected, which depending on how the election runs. When Mrs May became leader following the resignation of David Cameron in the wake of the 2016 EU referendum, she was selected within days as other candidates dropped out to give her a clear run.