U.K. Prime Minister Theresa May has resigned following her party’s revolt over her latest Brexit plan.

She will step down on June 7, with a leadership contest to begin the following week to find a replacement by July. A caretaker Prime Minister—unknown at this point—will assume responsibilities until then.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...