David Cameron has announced he will stand down as U.K. prime minister on Wednesday this week. He will be succeeded as prime minister by Theresa May.
Cameron will hold Prime Minister's Question Time for the last time on Wednesday at 7 a.m. ET. He will then go to Buckingham Palace to offer his resignation to the Queen.
Theresa May will then go to the palace to "kiss hands" with the Queen. She will become the U.K.'s second female prime minister after Margaret Thatcher.
The Conservative Party has confirmed as the winner of the party's leadership contest, according to Reuters. May said she is "honored and humbled to have been chosen by the Conservative Party to become its leader."
May also reiterated earlier comments that there would be no second referendum or backdoor attempts to rejoin the European Union and pledged to set out economic plans to deal with the current instability.
"Brexit means Brexit, and we're going to make a success of it," May said.
The news seemed to have assured markets of some modicum of stability ahead for the U.K. Sterling reached a session high above $1.30 afterwards.