Theresa May played a relatively minor role in the referendum, casting herself as a “reluctant Remainer”. That balancing act was rewarded with the support of a number of Vote Leave’s biggest beasts, including Chris Grayling, who chaired her leadership campaign. She has pledged that “Brexit means Brexit” but says that she will give priority to safeguarding Britain’s access to the single market. Conventional wisdom suggests that will entail accepting some freedom of movement: a tricky sell to the millions of people who believed they were voting for lower immigration.
She will try to negotiate with Brussels before invoking Article 50 and starting the two-year countdown to Britain’s exit from the EU. Accordingly, the markets rose on the news that Leadsom had withdrawn.
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