An emotional and tearful Theresa May has confirmed she intends to step down as leader of the Conservative and Unionist Party on June 7, 2019.
The announcement means Mrs. May will still be prime minister when President of the United States of America, Donald Trump, arrives in the U.K. for an official state visit from June 3 to 5.
Mrs. May will continue to govern as prime minister until a new leader is selected.
"I will shortly leave the job that it has been the honour of my life to hold," confirmed Mrs. May.
"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," she said tearfully.
Who will replace Theresa May?
The bookies have former Foreign Secretary and Mayor of London, Boris Johnson (11/8) as favourite to succeed Mrs. May.
Others who may decide to contest the leadership race include Dominic Raab (4/1); Michael Gove (11/1); Jeremy Hunt (12/1); Andrea Leadsom (12/1) and Penny Mordaunt (20/1).