Sterling continues to drop in anticipation of Theresa May's departure
Theresa May is set to announce a timetable for her resignation as U.K. Conservative Party leader and prime minister on Friday after a backlash over her Brexit plans, people familiar with the matter said.
May intends to quit as Tory leader on June 10 so an election to choose her replacement can begin after President Donald Trump’s state visit to Britain, one of the people said. The premier’s intention would be to remain as a caretaker prime minister while her successor is chosen in a contest that could take six weeks.
The timetable is subject to being agreed with Graham Brady, the senior Conservative official who oversees the party’s leadership contest process, at a meeting on Friday, the people said.
May’s decision heralds the end of a turbulent premiership that’s been marked by bitter divisions within her party over how to leave the European Union.
Britain was due to withdraw from the EU on March 29. But May’s inability to get the divorce deal she negotiated in Brussels approved in Britain’s deadlocked Parliament has forced her to delay exit day until October.
With May set to announce her own departure, it will be for her successor to define the course of Brexit. The current favorite is pro-Brexit campaigner Boris Johnson, the U.K.’s former Foreign Secretary, who favors a quick, sharp break from the EU.