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Theresa May formally resigns as Conservative leader to pave way for official leadership contest

Downing Street keeps the PM's resignation as Tory leader a low-key event, with her likely to stay in office for many more weeks.

Britain's Prime Minister Theresa May arrives to attend a church service, near her Maidenhead constituency, west of London on May 26, 2019. - The race to become Britain's next premier opened Saturday with an array of hopefuls promising to succeed where Theresa May failed and finally pull the divided country out of the EU. The British prime minister's voice broke on the steps of her Downing Street office when she told Britons on Friday that she was quitting on June 7. (Photo by Adrian DENNIS / AFP)        (Photo credit should read ADRIAN DENNIS/AFP/Getty Images)
Image: Mrs May's final appearance on the world stage could be at the G20 at the end of the month
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Theresa May has formally resigned as Conservative Party leader to allow the official start of the contest to replace her.

Officials from the Tories' 1922 Committee confirmed in a statement that the prime minister had quit as leader.

However, she will stay on as acting leader until her successor has been elected.

Theresa May's last day as Tory leader: PM's highs and lows
Theresa May's last day as Tory leader: PM's highs and lows

On the day she resigns as Tory leader, Sky News takes a look at the ups and downs of Mrs May's time in Downing Street

The 1922 Committee said it was now inviting nominations from Conservative MPs who wish to take over from Mrs May. They have until 5pm on Monday to formally apply.

So far, 11 candidates have publicly declared their intention to enter the contest.

They will face rounds of voting among MPs to choose a final pairing, with the winning candidate then chosen by a postal ballot of Conservative Party members.

It is expected the Tories' grassroots will be asked to submit their votes by 5pm on 22 July, meaning a new Conservative leader - and therefore prime minister - will be in place as early as 23 July.

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How will the Tories elect their new leader and the next PM?
How will the Tories elect their new leader and the next PM?

Candidates will face a number of rounds of voting among fellow MPs before a final pair are put before the party's membership

Downing Street has been keen to make Mrs May's formal resignation as Tory leader a low-key event, with the prime minister likely to stay in office for many more weeks.

Sources suggested it was important that Mrs May remains PM in the public's mind.

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According to reports on Friday, Mrs May is at odds with Chancellor Philip Hammond over plans for a series of spending announcements during her remaining time in office.

The Financial Times said the Treasury estimated Mrs May's proposed promises - including a boost to education funding - could cost more than £10bn and might eat into Mr Hammond's "war chest" for a possible no-deal Brexit.

Ahead of her last few weeks, Mrs May's spokesman said on Thursday: "You heard the prime minister talk passionately about some of the domestic policy issues which she cares about.

"She will continue to focus on trying to deliver for the people of this country."

Mrs May entered Downing Street in 2016 with a pledge to tackle the "burning injustices" in society.

But she has seen much of her time dominated by the Brexit deadlock, which eventually led her to tearfully announce her intention to resign outside Number 10 last month.

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Theresa May resigns - full statement

Mrs May's last appearance on the world stage as prime minister could be the G20 summit in Japan on 28-29 June.

Those vying to replace her include five members of her cabinet; Home Secretary Sajid Javid, Health Secretary Matt Hancock, Foreign Secretary Jeremy Hunt, International Development Secretary Rory Stewart and Environment Secretary Michael Gove.

Her former ministers Boris Johnson, Dominic Raab, Andrea Leadsom, Esther McVey, and Sam Gyimah have also entered the race, along with David Cameron's former chief whip Mark Harper.