Prime Minister David Cameron announced that he would step down after the UK voted to leave the European Union on 22nd June.
Theresa May has been Home Secretary since 2010, throughout which she has been a strong supporter of Israel and the UK’s Jewish community.
Speaking outside Parliament, the Prime Minister-in-waiting pledged to build a “better Britain” and make Brexit a “success”.
In a brief statement outside No 10 this afternoon, Mr Cameron said Mrs Leadsom had made “absolutely the right decision” to stand aside and that he was “delighted” Mrs May was to succeed him.
He said a “prolonged period of transition” was not necessary, and added: “So tomorrow I will chair my last cabinet meeting. On Wednesday I will attend the House of Commons for Prime Minister’s Questions”.
Mrs Leadsom, who campaigned to leave the EU, said the UK needed “strong and stable government” and that Mrs May was “ideally placed” to implement Brexit.
Chairman of the 1922 Committee of backbench Conservative MPs, which is overseeing the leadership contest, Graham Brady MP, said Mrs May would be formally confirmed as the new party leader as soon as the Conservative Party board had been consulted. He said there would be “no need to re-run the election”.