Rishi Sunak has announced he will resign as Prime Minister and step down as Conservative leader.
It came after Labour won a historic landslide, securing some 410 seats in last night’s election, with Sir Keir Starmer set to enter No10 this morning.
Speaking in Downing Street, Sunak said: “I have heard your anger, your disappointment – and I take responsibility for this loss… I am sorry.”
The now backbencher also appeared to hit out at Reform UK and Nigel Farage, as he referenced how “unremarkable” it was that the grandson of immigrants could become Prime Minister.
“We must hold true to that idea of who we are,” he said. “That vision of kindness, decency and tolerance that has always been the British way.”
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“This is a difficult day at the end of a number of difficult days. But I leave this job honoured to have been your Prime Minister.”
He added: “Following this result I will step down as party leader – not immediately but once the formal arrangements for my successor can be made.”
But he insisted the country was “safer, stronger and more secure than it was 20 months ago,” adding: “It is more prosperous, fairer and resilient.”
And he stressed that he wished Keir Starmer and his family well, saying he was a “decent public spirited man, who I respect”.
His announcement will spark a leadership contest among the contenders who remain Conservative MPs.
Outgoing Conservative Prime Minister Rishi Sunak gives a speech in Downing Street, Photo credit: James Manning/PA Wire
Names who could be in the running include the soon to be former home secretary James Cleverly, another former home secretary Suella Braverman, and a former immigration minister Robert Jenrick.
Other big figures who could have run but lost their seats include leader of the House Penny Mordaunt and defence secretary Grant Shapps.
While Kemi Badenoch – who has served as business and equalities secretary – appeared to have narrowly won her seat of Saffron Walden despite issues surrounding postal ballot delays.
The deluge of Tory losses also saw the Liberal Democrats make a string of gains in the Blue Wall and the so-called ‘stockbroker belt’ as they re-surged to become the third largest party in the House of Commons.
Sunak, who retained his seat of Richmond and Northallerton, is now expected to visit King Charles at Buckingham Palace to offer his resignation.
The Labour leader will then make the same visit, before arriving in Downing Street later today.