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That's where we'll leave our live coverage for this evening, on a dramatic day when Theresa May announced she will stand down as Tory leader on 7 June.

Making an emotional statement in Downing Street, Mrs May became tearful as she said serving as PM had been "the honour of my life".

Attention has now turned to who will replace her, with Foreign Secretary Jeremy Hunt today becoming the latest MP to indicate he would stand.

He joins declared candidates Boris Johnson, Esther McVey and Rory Stewart, with more than a dozen others also believed to be considering throwing their hats into the ring.

The Conservative party says it hopes a new leader can be in place by the end of July - which is also when Sir Vince Cable wants to step down as Lib Dem leader.

Sir Vince said he would be handing over the reins to his successor on 23 July.

It looks like a couple of busy months ahead...

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US President Donald Trump has responded to Theresa May's resignation announcement, saying: "I feel badly for Theresa".

"I like her very much. She’s a good woman.

She worked very hard. She’s very strong.

"She decided to do something that some people were surprised at, some people weren’t, for the good of her country. But I like her very much."

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The Institute for Government's Bronwen Maddox says there are roughly 124,000 members of the Conservative Party - the people who are likely to have the final say over who the next leader will be.

She says "as far as we can tell there is a large minority - not a majority - among that group for a no-deal Brexit."

"The other members seem to be spread along the spectrum - but they are definitely to the right of Conservative MPs.

"The big question is whether MPs who don't like Boris Johnson will block him from getting through to the final two candidates.

"A no-dealer vs a pro-dealer is a very possible outcome."

For anyone looking for analysis of today's events, a Brexitcast podcast will be available this evening.

Jayne McCormack
BBC News NI

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DUP leader Arlene Foster has told BBC Northern Ireland she hopes the next Conservative leader has “an understanding of what makes the DUP tick”.

She said Theresa May had discovered that “when you try to bounce the DUP it simply doesn’t work”.

Mrs Foster said the PM had fundamentally misjudged her party's position on Brexit throughout negotiations.

Although the party has refused to be drawn on who it would back as the next PM, Mrs Foster said the DUP would be “listening carefully” to leadership pitches in relation to how they view the Irish border backstop.

The confidence and supply arrangement the DUP shares with the Conservatives is due to expire next month.

Mrs Foster dismissed suggestions that signing up to a renewed agreement would damage the prospect of restoring devolution in Northern Ireland.

She also refused to be drawn on whether the DUP would seek to exact a certain price in exchange for support – but said Mrs May had recognised the importance of extra money for Northern Ireland, in the absence of a devolved government – and added that she wanted to see money for vital services reflected in any future DUP-Tory pact.

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"Britain is in a state of paralysis," says the veteran Conservative politician Lord Heseltine

The former deputy prime minister said: "The domestic agenda has been frozen, the civil service is obsessed with coping with the uncertainty and British industry is reducing its investment plans.

"I don't see how you get out of that position without a general election or a second referendum."

Lord Heseltine was suspended from the Conservative parliamentary party earlier this week when he said he would be voting Liberal Democrat in the European elections.

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Carolyn Fairbairn, the director general of the Confederation of British Industry, has told Sky News that a no-deal Brexit has "never felt more likely".

She said: "The compromise deal that was on the table has now evaporated and the clock is ticking.

"Businesses are looking at that date [31 October]. It is a new cliff edge.

"All of the issues we had before around the cost of tariffs, the challenges of no deal, remain.

"So, things have not changed for business."

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Scottish National Party MP Ian Blackford - who is the party's Westminster leader - has told the BBC that Mrs May's resignation has been "expected for some time" - but that it now causes problems with regards to the Brexit timeline.

The UK is due to leave the EU on 31 October.

"The tragedy of all of this is that we're going to spend the next two months in an internal Tory leadership election," he said

"We'll have a new prime minister by the end of July, but of course Parliament then goes on recess. We're not going to come back until September, we're back for a couple of weeks, we're then back on recess again.

"We'll come back in the middle of October and we'll have very little time left to bring this whole Brexit chaos to a conclusion."

Asked about the possibility of a no-deal Brexit now being more likely, Mr Blackford added: "Parliament would have to take its own responsibilities if that is the case and I would remind everyone that we have that option of revoking Article 50 and stopping this process.

"Leaving the EU with no deal would be absolutely disastrous."

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The leader of Sinn Féin has reacted to Theresa May's resignation.

Speaking in Dublin, Mary Lou McDonald said: "The chaos at Westminster cannot be allowed to distract from the very real threat that Brexit poses to Ireland."

She also said the deal agreed for the DUP to support Theresa May's minority government has had "a negative influence on the political process".

And Mrs May came in for criticism from Sinn Féin's leader for setting "unrealisable red lines" in the Brexit negotiations.

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Former Conservative party chairman Grant Shapps says he thinks the contest to replace the PM will be between someone who voted Remain and someone who voted Leave.

"I think that's probably quite a good outcome for the party", he says.

He adds that he would guess the contest could come down to Remain-voting Jeremy Hunt facing down either Boris Johnson or Dominic Raab, who were both Leavers.

He says Mr Johnson "looks a lot more serious as a candidate" than after the Brexit referendum in 2016.

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Theresa May's impending departure as prime minister leaves EU leaders wondering how finishing the Brexit process will be affected.

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The race to be Conservative leader isn't the only show in town.

Today, the Liberal Democrats have opened nominations for a new party leader after incumbent Sir Vince Cable confirmed he would be stepping down on 23 July.

In an email to party members, he said the Lib Dems were "in an excellent position" to lead a "powerful, liberal, green, and social democratic force in the centre ground of British politics".

Iain Watson
Political correspondent

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The resignation of Theresa May has clear consequences for the Conservative Party - the starting gun on a leadership contest has been fired.

But what does it mean for Brexit?

The short answer is that both No Deal and No Brexit are now both more likely.

With Mrs May's "bold new Brexit plan" in tatters, there is no vehicle for leaving with the EU with a deal, and the default is that the UK's membership will expire on Halloween.

Continue reading here.

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Theresa May's former speechwriter, Chris Wilkins, says he thought the PM's statement in Downing Street this morning was a "speech of two halves".

After a first part which recounted her "greatest hits" in office, he says the second half was more about her "personal mission" in politics.

"That was a much more personal and emotional section", he says.

"Maybe if we'd heard a bit more of that over the past few years, then she might have done rather better - but of course Brexit simply drowned all of that out."

To help visualise the timetable of when we'll get a new PM, here's how it fits in to this summer's music festival schedule.

The Conservative Party hopes a new leader could be in place by the end of July.

And does this mean Theresa May would be free to go to Boardmaster's, Cornwall's music and surf festival?

Adam Fleming
Brussels reporter

The EU establishment, like everyone, marvelled at Theresa May's amazing ability to stay standing.

"If you're a lion tamer you're going to get bitten," said one diplomat this morning. They were grateful that she respected the rules of the negotiations and didn't rock the boat on other EU business.

EU leaders would bolster her position when things got tough - a photo-op here, some complimentary words there. But they weren't prepared to compromise on the big one - the backstop to prevent a hard border between Ireland and Northern Ireland - because they think it's already a compromise.

They think it took her too long to realise - or admit - that the UK's economy required something that looked like a customs union. And they were amazed at her regular misreading of her own party and parliament.

EU Brexit negotiators have been war-gaming potential replacements for weeks and the scenario that seems to have been considered most seriously is a Prime Minister Boris Johnson asking for changes to the backstop that cannot be granted, and then blaming the EU.

But there's been no formal discussion about what comes next. That will probably happen at a summit of leaders next week, supposedly about appointments to the EU's top jobs and now inevitably about Brexit.

Image source, Reuters

Speaking in Brussels, European Union Brexit chief negotiator Michel Barnier has said: "I just want to express my full respect for Theresa May and for her determination in working towards an orderly withdrawal of the United Kingdom.

"And on our side we would work exactly in that direction in the next few weeks and months.

Asked if a new prime minister could change things, he said: "That it is for the UK to decide. Nobody else."

BBC News Channel

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BBC political correspondent Chris Mason said Boris Johnson, speaking about his Brexit stance from a conference in Switzerland this afternoon, said: "We will leave the EU on October 31, deal or no deal. The way to get a good deal is to prepare for a no deal.”

Our correspondent added that Mr Johnson is the person that "everybody else has got to beat".

"Why is that? Lots of Conservatives recognise his foibles and the downsides of Boris Johnson.

"But the thing that gets mentioned over and over again by Conservative MPs and Conservative activists is that they think, politically, he is someone who can beat Jeremy Corbyn, the Labour leader, and can also beat Nigel Farage,the leader of The Brexit Party.

"They are the two prominent opponents for the Conservatives in the coming months and years, particularly if we head into a general election which might be tempting for a new Conservative prime minister who wouldn't have a majority in Parliament and wouldn't have anything that they can call their own as far as a mandate.

"Even those in the party who recognise the downsides of Mr Johnson can see his potential appeal."