:00:21. > :00:37.Good morning. Morning, everyone. This morning I have written a letter
:00:38. > :00:43.to Graeme Grady, the chairman of the 1922 committee, and I would like to
:00:44. > :00:46.read it out to you. The best interests of our country inspired me
:00:47. > :00:53.to stand for the leadership. I believe in leaving the EU a bright
:00:54. > :00:57.future awaits, were all our people can share in a new prosperity,
:00:58. > :01:04.freedom and democracy. The referendum result demonstrated a
:01:05. > :01:08.clear desire for change. Strong leadership is needed urgently to
:01:09. > :01:14.begin the work of withdrawing from the EU and a nine week leadership
:01:15. > :01:18.campaign at such a critical moment for our country is highly
:01:19. > :01:31.undesirable. Business need certain day. A strong and unified government
:01:32. > :01:34.must move quickly to set out what an independent United Kingdom's
:01:35. > :01:40.framework for business looks like. It is also essential that current EU
:01:41. > :01:47.workers in the UK and the businesses that employ them know where they
:01:48. > :01:54.stand. The Conservative Party was elected only last year with a strong
:01:55. > :01:57.manifesto. We now need a new Prime Minister in place as soon as
:01:58. > :02:01.possible, committed to fulfilling that manifesto and implementing the
:02:02. > :02:09.clear instructions from the referendum. Theresa May carries over
:02:10. > :02:13.60% of support from the parliamentary party. She is ideally
:02:14. > :02:17.placed to implement Brexit on the best possible terms for the British
:02:18. > :02:24.people and she has promised that she will do so. For me personally to
:02:25. > :02:29.have won the support of 84 of my colleagues last Thursday was a great
:02:30. > :02:36.expression of confidence for which I am incredibly grateful.
:02:37. > :02:40.Nevertheless, this is less than 25% of the parliamentary party and after
:02:41. > :02:46.careful consideration I do not believe this is sufficient sup port
:02:47. > :02:50.to lead a strong and stable government should I win the
:02:51. > :02:57.leadership election. There is no greater privilege then to lead the
:02:58. > :03:02.Conservative Party in government and I would have been deeply honoured to
:03:03. > :03:06.do it. I have, however, concluded that the interests of our country
:03:07. > :03:13.are best served by the immediate appointment of a strong and well
:03:14. > :03:16.supported Prime Minister. I am therefore withdrawing from the
:03:17. > :03:21.leadership election and I wish Theresa May the very greatest
:03:22. > :03:32.success. I assure her of my full support. Thank you very much. Was it
:03:33. > :03:36.a mistake to run? Why have you changed your mind, Mrs Leadsom?