Boris Johnson to stand as next Tory leader

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May has said she will step down before the next phase of Brexit negotiations although she has not yet put a date on her departure.

"Of course I'm going to go for it," Johnson told The British Insurance Brokers' Association, according to the BBC.

Johnson resigned from the cabinet in July in protest at May's handling of Brexit.

The face of the 2016 Brexit campaign, Johnson set out his pitch to the membership in a speech at the party's annual conference in October. Some members queued for hours to get a seat.

He called on the party to return to its traditional values of low tax, strong policing and not to follow the policies of the left-wing Labour Party.

Betting odds indicate he is the leading candidate to replace May and has a 28 per cent chance of being the next prime minister.