Home Secretary Theresa May opened up a strong lead today in what is now a three-horse race to become Britain's next prime minister, but the first stage of voting was overshadowed by post-Brexit carnage for property investors and the pound.
In symptoms of market concern about the economic impact of leaving the European Union, sterling hit new 31-year lows and three funds investing in British property said they were suspending trading because too many people were rushing to withdraw their money at once.
May won 165 votes in a first ballot of Conservative members of parliament and Andrea Leadsom, a junior energy minister, won 66, increasing the likelihood that Britain will get only its second woman prime minister after Margaret Thatcher. Justice Secretary Michael Gove was third on 48.
Former defence minister Liam Fox won the fewest votes, 16, and was eliminated from the battle to replace David Cameron, who has said he will step down after Britons voted in a June 23 referendum to break away from the EU.
Soon afterwards, work and pensions minister Stephen Crabb, who placed fourth with 34 votes, said he was pulling out and throwing his "wholehearted support" behind May. Fox said he...
