<img width="1024" height="576" src="https://cms.qz.com/wp-content/uploads/2019/05/RTX6WB2K-e1558691416444.jpg?quality=80&strip=all&w=1024" class="attachment-medium_10 size-medium_10 wp-post-image" alt="Theresa May resigns" /><p>After less than three years of trying—and failing—to make Brexit happen, British prime minister Theresa May <a href="https://www.bbc.co.uk/news/uk-politics-48395905">announced her resignation</a>. She will step down as Conservative party leader on June 7, and prime minister when a replacement is chosen by party members.</p>
<p>Pressure had mounted on May to step down even sooner, after she announced a new plan earlier this month to put her EU withdrawal agreement to a vote in Parliament for a fourth time. She&#8217;s faced a backlash from her own party, with a record number of cabinet resignations during her tenure; from the opposition Labour party who broke off Brexit talks with her; and from pro- and anti-Brexit voters alike. Her Conservative party has suffered at elections since her premiership began, when she took over from David Cameron. Crucially, she failed to secure a Brexit deal before the original deadline of March 29.</p>
<p>She&#8217;ll resign just after Donald Trump&#8217;s state visit to the UK. A contest for the new Conservative party leader, and prime minister, will begin the week of June 10; May will stay on in a caretaker position until that person is selected.</p>
<p>The pound rose on news of May&#8217;s departure. As a result the British currency ended <a href="https://qz.com/1626291/the-british-pound-is-on-a-record-losing-streak-against-the-euro/">a record losing streak</a> against the euro, at least at the time of writing.</p>
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<p>But any gains are likely to be small and short lived. If a more staunch Brexit supporter becomes prime minister, it&#8217;s possible the UK could leave the European Union without a close trading relationship or any transition arrangements. Such an outcome would <a href="https://qz.com/1477680/brexit-is-a-bad-idea-whichever-way-you-look-at-it-economically-speaking/">dent the UK economy</a> and lead to more weakness in the currency. The UK currently has until the end of October to finalize an exit deal from the EU.</p>
<p>After her short statement, May walked back into Downing Street, after nearly breaking down into tears, saying she had &#8220;enormous and enduring gratitude to have had the opportunity to serve the country I love.&#8221;</p>
<blockquote class="twitter-tweet"  data-dnt="true">
<p lang="en" dir="ltr">PM <a href="https://twitter.com/theresa_may?ref_src=twsrc%5Etfw">@Theresa_May</a> makes a statement in Downing Street <a href="https://t.co/eg4ElQMXVR">https://t.co/eg4ElQMXVR</a></p>
<p>&mdash; UK Prime Minister (@10DowningStreet) <a href="https://twitter.com/10DowningStreet/status/1131848450411077632?ref_src=twsrc%5Etfw">May 24, 2019</a></p></blockquote>