Mr Johnson and Mrs May are the bookmakers’ favourites to replace Mr Cameron, at odds of 5/6 and 11/4 respectively. Michael Gove is quoted at 13/2.
This morning, a Yorkshire MP said Mr Johnson and Michael Gove must have a place in the cabinet that leads the negotiations in Brussels,
Philip Davies, the Conservative MP for Shipley, believes the negotiations with the EU should be overseen by Mr Gove as Justice Secretary with Mr Johnson in a top level position.
Speaking before Mr Cameron announced his regianation, Mr Davies, said: “I think it’s important we have some stability and it is important for the country that we don’t just have a complete revolution, so I want the Prime Minister to carry on.
“I don’t think he can leave the negotiations but what he can do is appoint Michael Gove to be Deputy Prime Minister and Boris Johnson to a senior role, and make it clear that they are going to be in charge of the re-negotiations.”
Asked whether David Cameron would be inclined to allow Boris Johnson a central part in the negotiations considering the bad blood between the pair during the referendum campaign, he said there was no reason why not.
He said the Prime Minister has a talent for creating alliances.
“The people who do the re-negotiations need to be the people who were for out because you can’t send people to Brussels who initially said re-negotiations were not possible,” said Mr Davies, who has represented Shipley since 2005.
After years of campaigning to leave the EU, Mr Davies said he was elated at the decision made by British voters.
This morning’s economic turmoil is entirely self-imposed, he said, and he blamed politicians for scaremongering so markets went into flux.
“I’m disappointed the political leadership dictated this instability by saying there would be an economic Armageddon.
“In effect, they have taken us into this situation. It was unnecessary and irresponsible and they should hang their heads in shame.”
Short-term turmoil will soon by replaced by economic prosperity in the medium to long-term, he said.