Andrea Leadsom has dropped out of the Conservative Party leadership contest

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Andrea Leadsom has dropped out of the Conservative Party leadership contest to become the new Prime Minister.

She said that she did not have enough support from the parliamentary Conservative Party, and respected Theresa May's support of more than 60% of MPs.

Leadsom said: "She is ideally placed to implement Brexit on the best possible terms for the British people and she has promised that she will do so."

Theresa May and Andrea Leadsom
(Matt Dunham/Matt Dunham/AP)

Leadsom said she backed the immediate appointment of May as Britain's next Prime Minister. Business requires certainty, and so does the country, she said, adding that May has her full support.

Earlier, May gave a speech outlining her vision for the country.

She said "Brexit means Brexit" and ruled out a second referendum, as well as outlining new business and economic policies.

Home Secretary Theresa May arrives at Austin House in Birmingham to officially launch her campaign to become prime minister.
(Chris Radburn/PA)

In the second round of voting by Conservative MPs, the current Home Secretary received 199 votes while Leadsom came in second place with 84 votes.