Leadsom drops out, May to become the next UK PM
One of the two Conservative Party lawmakers competing to become the successor of British Prime Minister David Cameron, Andrea Leadsom, pulled out of the race. Theresa May is now left as the sole candidate to automatically become the Prime Minister. The reason for Leadsom's withdrawal isn't clear; according to her, she didn't have enough support from the party to stay in the race.
Appointment of British PM Cameron's successor
After Britain had voted for Brexit, Prime Minister David Cameron announced his resignation. On 27 Jun'16, as Cameron started laying the foundation for his successor begin Brexit formalities, it was announced that his successor would be appointed by the first week of Sep'16.
Five candidates to run the leadership race
The Conservative Party's 1922 Committee of Backbench MPs was conducting the leadership contest; it set a spending limit of £135,000 for each candidate. On 30 Jun'16, nominations to run in the leadership race had closed at midday. Michael Gove, Theresa May, Stephen Crabb, Liam Fox, and Andrea Leadsom were running the race; candidates required the support of at least two MPs to get nominated.
Leaders who shocked by not filing nominations
Boris Johnson, Former London Mayor, announced he couldn't provide the necessary leadership and wouldn't run the leadership race. Chancellor George Osborne announced he wouldn't succeed Cameron as he wasn't the right person. Health Secretary Jeremy Hunt seriously considered running the race but, decided to support Theresa May instead. Education Secretary Nicky Morgan and MP John Baron had also pulled out in the last-minute.
The final two candidates: Theresa May, Andrea Leadsom
Liam Fox came last and got eliminated in the first of the two secret ballots of the Conservative MPs held on 5 July. Stephen Crabb, who had come fourth, decided to withdraw from the race leaving only three candidates to compete. On 7 July, MPs voted to decide who the final two candidates would be; Michael Gove came last and got eliminated.
Need a new prime minister in place: Leadsom
Energy Minister Andrea Leadsom stated: "Britain needed a government that would move quickly to set out what an independent United Kingdom's framework for business looks like. We now need a new prime minister in place as soon as possible."
Once confirmed as Conservative leader, May would replace Davido
Graham Brady, Chairman of a concerned Conservative Party committee, stated a formal procedure would take place to confirm Theresa May as the Conservative Party's new leader. Once confirmed as the leader, May would automatically replace David Cameron as the prime minister. Brady, however, didn't clearly announce the time frame for May to become the leader but said that it would take place very soon.