Roundup: Process of EU exit starts with new group to pave way for Britain's separation

With the race finally underway to find a successor to David Cameron as prime minister, the first official steps were announced Thursday to pave the way for Britain's exit from the European Union (EU).

Cabinet member and Business Secretary Sajid Javid was named as chair of a new business engagement inter-ministerial group established Thursday. The group will bring together leader ministers from across the government to coordinate engagement with the business community.

The new group will hold its first meeting next week. Chaired by Javid, membership will include the Energy Secretary, Environment Secretary, Culture Secretary, Defence Secretary, Foreign Secretary, Chief Secretary to the Treasury and the Trade and Investment Minister.

Government officials say the group will provide an opportunity for ministers to discuss the views, thoughts and concerns from businesses in all sectors across Britain. It will feed into the new EU Referendum Unit established within the Cabinet Office.

Javid said Thursday: "Now more than ever, businesses need certainty so it's vital that the government maintains an open and continuous dialogue. We must work together to make sure the world knows that the UK is still open for business and remains an attractive place with which to trade and invest."

He said the group will make sure ministers are providing businesses with the information they need and how they can limit the uncertainty in the transition period of Britain's exit from the EU.

Meanwhile Britain's interior minister, the Home Secretary Theresa May, has emerged as frontrunner to succeed David Cameron as Prime Minister when he steps down in the fall.

May is one of five Conservative politicians, bidding to become the new leader of the party. Rising star in politics, Work and Pensions Secretary Stephen Crabb is also standing, along with cabinet member Andrea Leadsom and former Defense Secretary Liam Fox.

Justice Secretary Michael Gove, who campaigned for Brexit alongside Johnson, said Thursday he had decided at the last minute to stand in the contest. He said he chose to run for the leadership after deciding "reluctantly but firmly that Boris Johnson was not capable of uniting the party or the country".

Johnson supporters responded by claiming Gove had betrayed his Leave campaigner.

A process will now start to narrow the field of contenders to just two. On Tuesday Conservative MPs will hold a secret ballot to eliminate the person with the fewest votes. Further secret votes will take place until there are just two. The winner will be decided by a vote among party members across the country to select their choice from those final two.

Most of the reaction across Britain Thursday evening was not about the five bidders, but the fact that hot favorite Boris Johnson sent shockwaves around the political community by announced he would not stand for the top job. He was seen as the main cheerleader for the Brexit camp in the recent referendum over Britain's EU membership.

Another victim of the Brexit fallout Thursday was the future of a planned third runway at Heathrow, the favored choice for government proposals to increase air transport capacity in the London area. Rival airport Gatwick was also in the race for the investment.

Regarded as a huge political hot potato in the London area, the final decision has now been delayed until at least October. Transport Secretary Patrick McLoughlin announced the delay saying it would be up to the next government to decide a new timetable, once the new leader to chosen.

Meanwhile the turmoil continued in the main opposition Labour camp, with no decision yet on whether one of its MPs would prompt a leadership challenge.

Corbyn, under siege from his own MPs has said he has no intention of quitting as leader, and said if he does face a challenge he will fight in any election to hold on to his job. Although 172 of his own MPs have voted that they have no confidence in his leadership, Corbyn has widespread grassroots support. Endit