Theresa May officially stands down as Tory leader

Theresa May will officially step down as the leader of the Conservative Party on today, but will remain as prime minister until her successor is chosen.

An exchange of letters between the PM and acting 1922 Committee chairmen Charles Walker and Dame Cheryl Gillan will mark her formal decision to step down.

Once Mrs May officially confirms her decision a call for candidates to replace her will be issued, but she will carry on as Prime Minister and acting party leader until a successor is in place.

Nominations for the Tory leadership contest will then open at 10am on Monday before closing at 5pm on the same day.