The Chancellor told the Evening Standard the UK Prime Minister Theresa May will be “as good as her word” and step down once a Brexit deal passes in the Commons.

“Once we start the leadership contest, getting it done as quickly as possible would be positive because this isn’t just about the leader of the party, it’s about the Prime Minister”. 

His remarks come amid rising pressure from Tory MPs for an early leadership contest. 

Hammond did not rule out a swift summer contest that would enable a new leader to take over by the party conference in October. 

“I’m clear that the leadership contest should happen once the deal is done,” he said. 

Asked if Theresa  May could stay on beyond the conference, the Chancellor answered that the party would decide the handover timing.

He also stressed: “For those who think she should go sooner, the answer is simple: vote for the deal and it’s done and we can move on.”