Theresa May set to be PM after Leadsom quits leadership race

George Osborne, the chancellor, is in America. Speaking to MSNBC, he said that he expected May to become prime minister in the next few days.

“She is now the overwhelming choice to be our country’s prime minister.

I have worked with her for six years. She’s got the steel, the determination, to do the job.

The economy doesn’t need uncertainty, it needs certainty.

So I think now, in the next few days, we should move to put her in the position of prime minister so she can lead the country, provide unity, and provide that direction, so that Britain is open to business, open to the world, free trading, out there taking our rightful place in the planet.”

There is much speculation about what post, if any, Osborne will have in a May government. Osborne shows no sign of wanting to give up government and it is not inconceivable that he could stay as chancellor, although a move to the Foreign Office seems more likely, provided a leave Tory takes charge of the Brexit negotiations.

George Osborne