Changing the guard: UK fast-tracks May to replace Cameron

UK Home Secretary Theresa May will become the prime minister as early as tomorrow after the Conservative Party cut short a leadership vote.

Mrs May, 59, was the only candidate after her rival, Andrea Leadsom, a junior energy minister, unexpectedly pulled out of the two-candidate race.

Mrs Leadsom ruined her chances of gaining more support from Tory MPs when she was reported in a newspaper interview at the weekend as saying she was more suited to the leadership because she is a mother.

Mrs May and her husband are well known as being unable to have children.

Prime Minister David Cameron has welcomed Mrs May as his successor and says he will offer his resignation to Queen Elizabeth II at Buckingham Palace on Wednesday.

New Zealand Prime Minister John Key has a scheduled appointment with Mr Cameron this week and is well placed to see Mrs May as well to discuss trade and other issues arising from Brexit.

Second female PM
Mrs May will be Britain’s second female leader after Baroness Thatcher, who was prime minister from 1979-90.

Mrs May is characterised by a practical, no-nonsense approach to politics and is likened to Germany’s Angela Merkel. Together they will be crucial to negotiating “Brexit” – the UK’s withdrawal from the European Union.

In remarks made after her confirmation as the new Tory leader, Mrs May said her bid had been based on the need for "strong, proven leadership," the ability to unite both party and country and a "positive vision" for Britain's future.

"A vision of a country that works not for the privileged few but that works for every one of us because we're going to give people more control over their lives and that's how, together, we will build a better Britain.

"Brexit means Brexit and we're going to make a success of it," she added.

Markets welcome early decision
Financial markets responded positively to the news, with the pound making its first gains since the Brexit referendum was decided on June 24.

Mrs Leadsom’s lunchtime announcement pushed the pound from $US1.2869 to as high as $US1.2983 at midday.

By late afternoon the pound had recovered to buy more than $US1.30.

On the sharemarket, the internationally-oriented FTSE 100 gained 1.4% and entered bull market territory.

The more domestically oriented FTSE 250 has remained down around 4% since the referendum.

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