Theresa May could quit this morning as she prepares to make statement in Downing Street
The Prime Minister is likely to consider her position in the wake of her election disaster
THERESA MAY is making a speech in Downing Street this morning amid speculation she could quit as PM following her election gamble.
During the campaign Mrs May said she would have "lost the election" if she lost just six seats - and now she could face a bitter battle for control of the Conservative Party.
Speaking during the night, the PM promised a "period of stability" despite the hung parliament, but did not directly address her own future.
She will address the nation outside Number 10 at 10am - with some speculating that she will announce her resignation, either immediately or after a transition period.
After returning from her Maidenhead constituency, Mrs May went to Conservative headquarters where the mood was said to be "sombre but calm" as she spoke to party workers.
She is said to have told them: "This isn't the end, it's the beginning of something new."
Mrs May herself repeatedly pointed out that if the Tories lost just six of their seats, she would have "lost the election".
They are on course to win no more than 320 seats, down at least ten on the total they won just two years ago under David Cameron.
Conservative rivals will immediately discuss the possibility of replacing her as leader, arguing that her failure to secure a big win shows up her vulnerabilities.
Bookmakers were today offering short odds on her being replaced as Tory leader by Christmas.
By contrast, Jeremy Corbyn is likely to see his position as leader greatly secured as he won more seats than his predecessor Ed Miliband.
Mrs May ran a campaign based around her leadership, arguing that Britain needed "strong and stable government".
But now she may have to cobble together a fragile coalition involving multiple parties.
And with Brexit talks scheduled to start in just 11 days, some Tories will want to see the PM replaced as quickly as possible.
George Osborne, who has stood down as an MP after being sacked by Mrs May, predicted that she would be ousted as leader before too long.
Appearing as a pundit on ITV, he said: "Clearly if she’s got a worse result than two years ago and is almost unable to form a government then she I doubt will survive in the long term as Conservative party leader."
However, cabinet minister David Gauke insisted that Mrs May will stay in her job even if the exit poll result is correct.
He told Sky News: "So it seems pretty clear Theresa May would continue as prime minister.
"There would be a Conservative minority administration.
"With all those caveats repeated, I think Theresa May continues to be the dominant figure in the Conservative party."
If Mrs May does not resign immediately, Tory MPs could begin the process to remove her by gathering signatures from backbenchers who want a new leader.
Only if the Tories do manage to defy the exit poll and cobble together a slim majority does the PM have a good chance of keeping her job.
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A leadership challenge could come from either the Brexiteer right of the party - led by figures such as Andrea Leadsom - or from more centrist figures such as Sajid Javid who could argue that Mrs May has alienated swing voters with her traditionalist stance.
Alternatively, a big name like Boris Johnson or Amber Rudd could swoop in as a consensus candidate winning support from both wings of the Tories.
The Prime Minister had built the party's election campaign around her personal brand, almost eliminating the word Conservatives from leaflets and posters.
That fact will make it harder for her to avoid responsibility for the failure to secure a big win.
However, party rivals may allow her to stay in place for the next few months to allow an orderly transition of power.