Theresa May will take the keys to No 10 by Wednesday evening, David Cameron has confirmed.
The Prime Minister said he was “delighted” that the Home Secretary would succeed him in Downing Street and he will go to the Palace to offer his resignation to the Queen on Wednesday afternoon.
Mr Cameron will chair his last Cabinet meeting tomorrow morning and appear in the Commons for the final time as premier when he takes to the Despatch Box for Prime Minister’s Questions at noon on Wednesday.
David Cameron has phoned Mrs May to congratulate her and the new PM will make a statement at 5pm.
Mrs Leadsom said: “The best interests of our country inspired me to stand for the leadership. I believe that in leaving the EU a bright future awaits, where all our people can share in a new prosperity, freedom and democracy.
“The referendum result demonstrated a clear desire for change – strong leadership is needed urgently to begin the work of withdrawing from the European Union.
“A nine-week leadership campaign at such a critical moment for our country is highly undesirable.
“There is no greater privilege than to lead the Conservative Party in government and I would have been deeply honoured to do it.
“I have, however, concluded that the interests of our country are best served by the immediate appointment of a strong and well-supported prime minister.
“I am therefore withdrawing from the leadership election and I wish Theresa May the very greatest success. I assure her of my full support. Thank you very much.”