David Cameron has announced that he will tender his resignation as Prime Minster on Wednesday afternoon and expects Theresa May to be Prime Minister by Wednesday evening.

Things have moved very fast today. Theresa May began the day by launching her bid to become party leader outlining her campaign. By 4pm her only rival had withdrawn and here campaign had ended and she is to be Prime Minister by Wednesday evening.

The bad news is that effectively removes the seven week breathing space the leadership election would have given us. I think Theresa May will come under pressure from various parties to invoke Article 50 sooner rather than later. The different parties will have different motives, but they'll all be trying to get Article 50 invoked, because after that point things start to become irreversible.

BBC News: Theresa May to succeed Cameron as UK PM on Wednesday