Theresa May says she will step down as prime minister on Friday 7 June as pressure from the Conservative party for her to step aside finally felled her embattled premiership.
She made the announcement after a meeting with MP Graham Brady who is chairman of the powerful 1922 Committee.
This dramatic announcement caps a weeks of high political drama where May saw her already limited authority erode each day of the week that passed.
On Tuesday May made a last ditch attempt to get her much criticised Brexit deal through parliament by offering a new 10-point deal to win the backing of MPs.
But a Cabinet meeting on the same day demonstrated considerable opposition from some ministers to her plan.
It is also failed to win over the support of enough other Tory backbenchers or lawmakers from other parties.
On Wednesday MP Andrea Leadsom resigned as leader of the House of Commons the day before the Tories headed into Thursday’s European election.
This was an election the UK was never meant to have had and where Nigel Farage’s recently created Brexit Party was beating all rivals in the opinion polls.
This series of events culminated in May’s resignation this morning that will now lead to a leadership contest in the near future.
Reacting to the news, Hermes Investment Management senior economist Silvia Dall’Angelo says: “Theresa May’s premiership has reached the end of the road, following almost three years of trying to recompose a deeply divided country.
“Over this bumpy time she came to acknowledge the harsh realities of Brexit, its contradictions and the trade-offs it implies. Eventually the only consensus she attained was against the deal she had agreed with the EU, a compromise that failed to satisfy Brexiteers and Remainers alike.
“Looking ahead, a new leader is unlikely to bring the country closer to a solution for the Brexit dilemma. For a start, the parliamentary arithmetic would not change: while there is a majority against a no-deal Brexit, there is no agreement on the way forward.”