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Theresa was the smart money favourite two or three weeks ago, to appear as the sensible grownup who could bridge the gap between the opposite factions of the tory party. I wouldn't say it was decided, because the world has gone mad, but she's certainly the most likely.
Someone suggested today that a face-saving way out for all parties would be to spend a year or so negotiating a complex exit deal, then going back to the country with another referendum, "This is the actual deal, if the country wants to, we'll trigger article 50 tomorrow morning. Are you in or out?"
Gives everyone a chance to calm down, gives the absolute die-hard brexiters another chance to vote fuck you Brussels, and gives everyone else a chance to actually make an informed choice with the consequences spelled out in advance.
The next PM is Theresa, they decided already. She is the only one that has the capabilities. Also a woman in the lead is trendy now, Sturgeon Merkel are doing better than the boys... and the Queen will be well pleased. All this talking and 'leaks' to the newspaper is just smoke to take time while they preparing the plan for start the exit from EU. And that will be much longer of course, even because there will be a counterpart.