London: Britain's PM Theresa May has given her formal resignation as leader of the ruling Conservative Party on Friday. Theresa May's resignation has cleared the way for an interesting contest to be named the new PM. Britain and the European Union (EU) will have the challenge of bringing the talks to a stage in front of the new PM about Brexit (Britain's exit from the European Union).

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Teresa May had announced her resignation amid mounting pressure over repeated failures of her Brexit deal. She will be acting as caretaker pm until she chooses Theresa May's successor on the Conservative Party side. The new leader of the Conservative Party will be appointed prime Minister of Britain. Media reported that Teresa (62) has submitted her resignation to the 1922 committee almost two weeks after the PM expressed her intention to quit.

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The committee said it would now invite nominations from Conservative MPs who "are seeking to be elected as the next party leader". 11 people, including former foreign minister Boris Johnson, are reported to be ahead in the race for the new Conservative Party leader. Current Secretary of state Jeremy Hunt and Environment Minister Michael Ghav are also in the running.