The Prime Minister made the announcement on Wednesday evening at a meeting of the 1922 Committee of Tory backbenchers. She told the gathering she knew Tory MPs did not want her to lead the next phase of Brexit negotiations “and I won’t stand in the way of that”. The move is a last-ditch attempt to get enough support for her Brexit deal to be voted through the House of Commons after two historic defeats.

Theresa May told the committee: “I am prepared to leave this job earlier than I intended in order to do what is right for our country and our party.

“I ask everyone in this room to back the deal so we can complete our historic duty – to deliver on the decision of the British people and leave the European Union with a smooth and orderly exit.”

After the meeting, the Prime Minister’s former police adviser George Freeman said he had never seen a 1922 meeting “so silenced”.

He revealed there were “a series of speeches”, from those who had previously opposed the Brexit deal, to announce they will now be voting in favour of her agreement – including the likes of Boris Johnson, a forerunner for the job.

Who might take over as the next PM?

Here are the latest runners and riders for next Conservative party leader courtesy of William Hill:

5/2 – MICHAEL GOVE, Environment Secretary

• Age: 51

Famously helped lead Vote Leave to victory in the EU referendum with Boris Johnson before running against his former Brexit ally for the Tory leadership in 2016.

He was subsequently sacked as a minister by Theresa May when she eventually won that contest.

Now having worked his way back into the senior echelons of Government, the environment secretary is seen as someone who could hold the Conservative Party together, and might be a candidate Remainers could stomach because he’s hinted he could be open to a softer form of Brexit.

Arch Brexiteers feel, though, that for that very reason he’d be an unacceptable choice.

5/1 – BORIS JOHNSON

• Age: 54

Former Foreign Secretary. Popular and divisive, Mr Johnson headed the Leave campaign alongside Michael Gove during the 2016 referendum.

“Bojo” is very popular with party members, but many of his colleagues are not so keen – meaning it could be tough for him to get on to the ballot.

7/1 – JEREMY HUNT, Foreign Secretary

• Age: 52

The Foreign Secretary is another Remainer turned Brexit-backer in contention, Mr Hunt is widely seen as a safe pair of hands by his peers.

Before stepping in to replace Boris Johnson when he resigned from the Foreign Office earlier this year, Mr Hunt was the longest serving health secretary in British history.

7/1 – DAVID LIDINGTON, (de-facto deputy PM) Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office

• Age: 62

Often dubbed “Mr Europe” the veteran Remainer is the Prime Minister’s right-hand man and behind-the-scenes fixer.

He has been MP for Aylesbury since 1992 and was the longest-serving Minister for Europe under David Cameron.

Well-liked among fellow MPs but he has attracted criticism from some quarters for his voting record, especially on LGBTQ rights.

9/1 – SAJID JAVID, Home Secretary

• Age: 49

Home Secretary Mr Javid has made no secret of wanting Mrs May’s job and is one of the leading contenders in the Cabinet.

The former banker supported Remain but is now backing Brexit and could unite the party.

12/1 – DOMINIC RAAB

• Age: 45

Former Brexit Secretary Mr Raab was installed as Brexit secretary to deliver Mrs May’s original Chequers plan, but he sensationally quit last year in opposition to her withdrawal deal proposal.

His is a resignation from the Cabinet fuelled his popularity among the hardline Brexiteers.

20/1 – AMBER RUDD, Work and Pensions Secretary

• Age: 55

Work and Pensions Secretary She’s a loyalist and moderniser, and Ms Rudd’s human touch still strikes a chord with the public.

She has been widely tipped as a future leader in the past but was forced to resign from her post as home secretary earlier this year over the Windrush scandal.

20/1 – JACOB REES-MOGG, chairman of the European Research Group

• Age: 49

Arch Brexiteer who is Chairman of the European Research Group and has been at the forefront of the Brexit debate and a staunch critic of Mrs May. 

The father-of-six is said to be backing Boris Johnson.

20/1 – ANDREA LEADSOM, Leader of the House

• Age: 55

No-nonsense Leader of the House who has won admirers for her feisty clashes with Speaker John Bercow in recent weeks.

She withdrew from the Tory leadership contest in 2016, which Theresa May won, due to dwindling support.

25/1 – MATT HANCOCK, Health Secretary

• Age: 40

Popular and has largely kept out of the Brexit squabbling that has engulfed cabinet.

Allies say he can reach out to both wings of the party, but his close links to George Osborne, his one time mentor, means he is not universally popular.

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