Now that we've made that decision, everyone is thinking about the practical consequences and I think Theresa May could be the most challenging prime ministership since the Suez Crisis, possibly since the Second World War.

People have had certain ­assumptions in the past about ­Conservative governments, partly because of some of the things that happened in the 1980s, and partly because of the tone of some of the debate in the 1980s that appeared to say public spending on the arts was something you might want to progressively ­reduce.

I think the person who has the experience, the depth and the values to take us forward is Theresa May who I think will be absolutely outstanding.

I have decided that now is not the right time for me to run for the leadership - though I remain completely committed to ensuring we secure our position as a great trading nation with sensible controls on migration. I believe that Theresa May has the strength, judgment and values to deliver those things.

She [Theresa May] is the right choice to lead Britain in a challenging period and will make a truly outstanding prime minister.