Investing.com - The new leader of the Conservative Party will be announced at 10:45 GMT at the Queen Elizabeth II Centre in London on Tuesday morning.
Watch the announcement live in the video link below.
Over the past month, almost 200,000 members of the Conservative Party around the U.K. have voted between two leadership hopefuls Boris Johnson and Jeremy Hunt.
The winning candidate will formally take over from Theresa May as the country’s Prime Minister on Wednesday. May is set to give a statement shortly before her resignation.
It is widely expected that Boris Johnson will be announced as the new leader. The former foreign minister has pledged a “do or die” Brexit, leading the U.K. out of the European Union on the 31 October with or without a deal, winning over many pro-Brexit party members.
The new leader’s battle will be to unite a party divided over how to leave the European Union. Johnson’s "do or die" Brexit chatter has already seen two MPs quit over Johnson’s promise to leave the EU without a deal.
Anne Milton resigned on Tuesday morning, shortly before the results of the leadership battle citing “grave concerns about leaving the EU without a deal”. Milton follows in the footsteps of Sir Alan Duncan, who resigned on Monday.
Senior members of Theresa May’s cabinet, Justice minister David Gauke and Chancellor Philip Hammond, both announced on Sunday their intention to resign in the event Boris Johnson becomes prime minister. The new PM will likely reshuffle cabinet within the week.
The pound has fallen 2% since Theresa May announced her resignation. At 11:30 GMT, just before the announcement, GBP/USD was 1.2444, down 0.24 per cent on the day.
Watch the leadership announcement live in the video link below: