The embattled Prime Minister will quit as party leader on June 7, she said on the doorstep of 10 Downing Street on Friday.
Mrs May’s voice shook as she ended her speech saying: “I will shortly leave the job that it has been the honour of my life to hold.
“The second female prime minister, but certainly not the last.
“I do so with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love.”
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“I know how painful it is to accept that your time is up and a new leader is required,” he said, adding his hopes that her “spirit of compromise” is continued by the next PM.
Boris Johnson, Esther McVey and Rory Stewart have said they intend to run.