May day: Rival quits, Theresa set to be crowned as UK PM

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Five contenders emerged Thursday in the race to become the next prime minister of Britain following David Cameron's decision to quit.

David Cameron has said he will take Prime Minister's Questions on Wednesday and then head to Buckingham Palace and officially tender his resignation to the Queen and recommend she sends for Theresa May as his replacement.

In addition to this, Angela Eagle announced her leadership bid to replace Jeremy Corbyn as the Labour Party leader.

She threw her support behind 59-year-old May as "ideally placed" to enforce the vote for Brexit in last month's referendum on Britain's membership of the European Union (EU).

But events have been brought forward after Ms May's only opponent, Andrea Leadsom, withdrew from the race to succeed him.

She set out a series of plans to rein in executive pay and bonuses, put workers into the boardroom and tackle market abuses by banks and utility companies, while also putting multinational companies such as Amazon, Google and Starbucks on notice that she expects them to pay their taxes in full. At noon, Andrea Leadsom stepped down, making May leader-in-waiting.

Paying tribute to Mr Cameron, the South Gloucestershire MP said: "I would like to pay tribute to Mr Cameron for his success in leading a reforming government that has delivered for communities in the past six years on the economy, creating jobs and in education".

Speaking outside his residence at 10 Downing Street, Cameron said he was "delighted we are not going to have a prolonged leadership contest".

Leadsom's withdrawal means all the top Brexit campaigners - Boris Johnson, Michael Gove, Leadsom and outgoing UK Independence Party leader Nigel Farage - have now stepped back from leadership roles.

Mrs May set her face against a snap election when she launched her campaign for the Tory leadership on June 30, saying: 'There should be no general election until 2020'. First, the need for strong, proven leadership to steer us through what will be hard and uncertain economic and political times, the need, of course, to negotiate the best deal for Britain in leaving the European Union, and to forge a new role for ourselves in the world. He is refusing to resign and says he can win a leadership battle, which would be decided by a vote of party members.

She also faces calls to seek a mandate from voters well before the next scheduled national election in 2020, although there is no legal requirement for her to do so. Eagle said he "doesn't connect enough to win an election". There will be no attempts to remain inside the EU.

He added: "I will make a further statement as soon as I am in a position to do so".