Theresa May becomes Conservative leader, to take over as British PM on Wednesday

London: British Home Secretary Theresa May on Monday was confirmed as the new leader of the Conservative Party with "immediate effect" and set to succeed David Cameroon as Prime Minister of Britain on Wednesday.

Graham Brady, the chairman of the Conservative 1922 committee that oversaw the leadership campaign confirmed that May, the only remaining candidate in the Tory leadership battle after her rival Andrea Leadsom pulled out of the contest, is now the new leader of the party "with immediate effect", Xinhua news agency reported.

The announcement came after outgoing Prime Minister David Cameroon confirmed that May will be his successor as leader of the Conservative Party, and decided to step down to pave the way for her to become the next British Prime Minister. 

Cameron will offer his resignation to Queen Elizabeth II at Buckingham Palace on Wednesday.

In a brief statement outside 10 Downing Street, Cameron said Leadsom had made "absolutely the right decision" to stand aside and that he was "delighted" May, the Home Secretary, was to succeed him.

He said a "prolonged period of transition" was not necessary.

"So tomorrow (Tuesday) I will chair my last cabinet meeting. On Wednesday I will attend the House of Commons for Prime Minister`s Questions. After that I expect to go to the Palace and offer my resignation," BBC quoted him as saying.

Earlier in the day, Leadsom withdrew from the race to become Britain`s next Prime Minister, saying that that May is "ideally placed to implement Brexit on the best possible terms for the British people."

"I wish Theresa May the very greatest of success, I assure her of my full support," Efe news quoted her as saying.

May, who supported the "remain" vote during the UK referendum on its membership of the European Union will be be the second female British Prime Minister.

Conservative Margaret Thatcher was Prime Minister of Britain from 1979 to 1990.

Cameron announced his resignation on June 24, a day after Britain voted to leave the European Union.