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Live updates: David Cameron prepares to leave Downing Street

David Cameron has held his final cabinet meeting as prime minister.

Mr Cameron will take his last Prime Minister's Questions on Wednesday before offering his resignation to the Queen.

Theresa May will then take office and become leader of the Conservative Party and Prime Minister later that day.

Speaking after Andrea Leadsom resigned from the leadership contest, Mrs May said she was "honoured and humbled" to have been chosen as the new party leader and pledged that "together we will build a better Britain".

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May: Being Tory leader an 'honour and privilege'

Theresa May has called it "an honour and a privilege" to be the new Tory leader, as she thanked staff at the Conservative HQ in London.

Theresa May outside the front door of her new home on Downing Street Credit: PA

She paid tribute to the man she will shortly replace as prime minister, saying David Cameron had been "a superb leader of our party and a superb prime minister".

She also stated that "when Labour prospers the country suffers", calling for a big win in the general election in four years time to "make sure they don't prosper".

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