Theresa May to take over as British PM after Brexit shocks

Theresa May departs from David Cameron's final cabinet meeting as Prime Minister after six years in 10 Downing street before she takes over and appoints a new office, in London, United Kingdom on July 12, 2016. UK's Home Secretary Theresa May becomes Britains next prime minister after her rival withdrew from the contest to lead the governing Conservative Party. [Photo/VCG]

Despite pressure from other EU capitals to quickly start negotiating the terms of Britain's exit, May has said she would not be rushed into triggering article 50 of the EU's Lisbon Treaty, the formal step that will kickstart the process.

She is expected to promote women ministers to several senior roles, and Cameron's long-serving finance minister George Osborne could lose his job, according to media reports.

PMQs is usually a rowdy event, involving combative exchanges between Cameron and the leader of the main opposition Labour Party while lawmakers from both parties boo and cheer.

But with Cameron on his last day in the job and Labour mired in a profound crisis, the atmosphere at this PMQs is likely to be very unusual.

After months of simmering discontent among Labour lawmakers with party leader Jeremy Corbyn, the conflict exploded into the open after the referendum when the vast majority of the lawmakers rejected his leadership. He is being challenged for the job by lawmaker Angela Eagle.

Corbyn has clung to his job, citing support from the party grassroots, and the 116-year-old party is now locked in a bitter power tussle that risks destroying it.

The shocks of the referendum result, Cameron's resignation, a series of other surprise moves in the Conservative Party and the crisis in Labour, have plunged Britain into its deepest political crisis in modern times.

Financial markets, which had been extremely volatile since the referendum, reacted positively to news on Monday that May would become prime minister earlier than expected, with sterling making strong gains against the dollar and the euro.