Theresa May is set to be confirmed as leader of the Conservative Party and the UK's second female Prime Minister, after her only remaining rival dropped out of the race.

Andrea Leadsom announced she was quitting the contest to succeed David Cameron shortly after apologising to May over an interview in which she appeared to suggest that the fact she was a mother gave her the edge as a future PM.

Speaking on the steps of her campaign HQ in Westminster, the energy minister wished May "the very greatest success" and promised her "full support".

The chairman of the Conservative backbench 1922 Committee, Graham Brady, said he needed to consult with the party's board before formally confirming that May was the new leader.

He said he was hoping to hold discussions this afternoon, but was unable to say whether May would be confirmed as Prime Minister by the end of the day or the week.

Earlier on Monday Theresa May made a speech in which she said she wanted to build a country that "works not for the privileged few, but for every one of us".

Among her policy ideas were plans to put workers onto the boards of major companies and curb excessive corporate pay.

The Home Secretary, officially launching her national campaign to become party leader in Birmingham, also remarked that "Brexit is Brexit".

She said: "Our country needs strong, proven leadership to steer us through this time of economic and political uncertainty and to negotiate the best deal for Britain as we leave the EU and forge a new role for ourselves in the world.

"Because Brexit means Brexit, and we're going to make a success of it."

Meanwhile, justice secretary Michael Gove, who came third in the leadership ballot among Tory MPs, pledged his support to May, saying: "Andrea Leadsom spoke with great dignity and courage today. I wish her every success in the future.

"We should now move as quickly as possible to ensure Theresa May can take over as leader. She has my full support as our next Prime Minister."

Former London mayor and one-time party leadership frontrunner Boris Johnson also backed May, saying there is "no doubt Theresa (May) will make an excellent party leader and Prime Minister".

He said: "Theresa May will provide the authority and the leadership necessary to unite the Conservative Party and take the country forward in the coming weeks and months.

"Andrea's decision, which is both brave and principled, allows that process to begin immediately.

"I have no doubt Theresa will make an excellent party leader and Prime Minister and I'm encouraged that she's made it clear that Brexit means Brexit - that we will leave the EU."

Johnson called for the handover of power to begin "immediately".