Theresa May to become new Prime Minister on Wednesday

The announcement comes after Mrs May’s only rival in the Conservative leadership race, Andrea Leadsom, withdrew from the campaign.

Mr Cameron said the Home Secretary would take over from him after his last Prime Minister’s Questions in two day’s time when he would then offer his resignation to the Queen.

The current PM said he was “delighted” that Mrs May will be his successor, saying she is “strong” and “competent”.

He said: “She is more than able to provide the leadership that our country is going to need in the years ahead and she will have my full support.”

“With these changes we don’t need to have a prolonged period of transition so tomorrow I will chair my last cabinet meeting.”

Around lunchtime, Mrs Leadsom said she was pulling out of the contest shortly after apologising to the Home Secretary after appearing to suggest the fact that she was a mother gave her the edge over the childless Mrs May.

The junior energy minister and Brexit supporter said a nine-week leadership campaign to succeed Mr Cameron at such a critical time for the UK would be “highly undesirable”.

Mrs Leadsom said Mrs May – who backed staying in the EU – was ideally placed to implement Brexit and offered the Home Secretary her full support.

Mrs May has also received the backing from other leading Brexit supporters Michael Gove and Boris Johnson.

Chancellor George Osborne wrote on Twitter: “Welcome news we have 1 candidate with overwhelming support to be next PM. Theresa May has strength, integrity & determination to do the job.” Sky News