Philip Hammond tipped for chancellor role

Live updates: Theresa May becomes prime minister

Theresa May has become Prime Minister after accepting an invitation from the Queen to form a new government.

David Cameron said it had been the "greatest honour of my life to serve our country as prime minister" as he spoke outside Downing Street
Mr Cameron and his family left Downing Street following his speech
Mr Cameron has met the Queen and tendered his resignation, which has been accepted
Mrs May met the Queen at Buckingham Palace and became prime minister after accepting an invitation to form a new government
In a speech in Downing Street, Mrs May promised to create "a country that works for everyone"
Mrs May made several key Cabinet appointments on Wednesday, and is expected to make further additions on Thursday

Philip Hammond is expected to be named as incoming prime minister Theresa May's chancellor, Robert Peston says.

Our political editor said Amber Rudd is tipped to replace May as home secretary.

However, he said speculation was mounting that George Osborne will not accept a "downgraded" foreign secretary role and will leave the government.

"Cabinet reshuffles are complicated puzzles...don't blame me if it looks a bit different in a few hours time."

Last updated Thu 14 Jul 2016