Theresa May resigns – live updates: Boris Johnson hints at no-deal Brexit as prominent Conservatives announce bids to replace PM

Theresa May has announced her resignation, breaking down in tears as she revealed she will stand down as Conservative party leader on Friday 7 June.

Ms May said she had “done my best” in a speech from Downing Street, before the Tory party announced a new prime minister would be in No.10 by 31 July.

Boris Johnson emerged as the bookmakers’ favourite to succeed Ms May, as Jeremy Hunt and Sir Graham Brady announced they would stand. Leading ERG member Mark Francois backed self-described “Brexit hardman” Steve Baker.