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WATCH: Emotional Theresa May cries as she resigns

Theresa May has broken down in tears as she announced she will resign as British Prime Minister on June 7 after failing to deliver her Brexit deal.

Speaking outside Downing Street this morning, she outlined her plan to quit after facing increasing calls from within her own party and the opposition benches to step down.

Mrs May announced her departure in an emotional statement on the steps of Downing Street.

She told reporters: ‘I’ve done my best. I have done everything I can to convince MPs to back that deal.

‘Sadly I have not been able to do so.

‘It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit.’

‘I have striven to make the UK a country that works not just for a privileged few but for everyone and to honour the result of the EU referendum.’

The race to appoint the next Conservative leader will begin in earnest now, as Tory MPs are expected to formally announce their leadership bids within the next few days.

Boris Johnson is currently the bookmakers’ favourite, while other prominent Brexiteers like Andrea Leadsom, Dominic Raab and Esther McVey are also in the mix.

Amber Rudd, Rory Stewart and Sajid Javid are all prominent Remainers who could announce their own leadership ambitions.