Theresa May will become the next Prime Minister this Wednesday, Cameron announces.

Speaking outside of Number 10, the current prime minister declared he will offer the Palace his resignation and hand the reins of power over to the home secretary this Wednesday evening.

He welcomed Andrea Leadsom’s decision not to compete in a leadership election and said: ‘It is clear Theresa May has the overwhelming support of the Conservative parliamentary party.’

‘I’m also delighted that Theresa May will be the next prime minister,’ he said.

‘She is strong, she is competent, she’s more than able to provide the leadership the country is going to need in the years ahead and she will have my full support.’

Leadsom said she decided to pull out of the leadership contest because she thought the uncertainty would be bad for the economy and the country.

She has, however, faced a lot of criticism in recent days due to comments she made to a Times journalist. The mother of three was quoted as saying having children meant she had ‘a very real stake’ in Britain's future.

Theresa May, who does not have children, responded by inviting Mrs Leadsom to support a ‘clean campaign’ pledge.

May, who supported the Remain campaign, has ruled out a second referendum and insisted she will oversee the UK’s withdrawal from the European Union.

‘Brexit means Brexit. And we’re going to make a success of it,’ she said.

‘There will be no attempts to remain inside the EU, no attempts to rejoin it by the back door, and no second referendum. The country voted to leave the European Union, and as prime minister I will make sure that we leave the European Union.’