Outgoing Prime Minister Rishi Sunak said he will step down as leader of the Conservative party in a speech outside 10 Downing Street this morning (July 5).
In his speech, Sunak apologised to the country and his party for the bruising defeat in the general election before formally tendering his resignation to the King.
Labour won a landslide victory overnight with the Conservatives seeing their worst ever defeat.
Speaking for the final time as prime minister, Sunak said: "I would like to say, first and foremost, I am sorry, I have given this job my all, but you have sent a clear signal that the government of the United Kingdom must change, and yours is the only judgment that matters.
"I have heard your anger, your disappointment, and I take responsibility for this loss to all the conservative candidates and campaigners who worked tirelessly but without success."
He claimed the party under his leadership had restored economic stability, two years on from the party's disastrous mini-budget.
"When I first stood here as your prime minister, I told you the most important task I had was to return stability to our economy," said Sunak.
"Inflation is back to target, mortgage rates are falling and growth has returned."
He added: "I believe this country is safer, stronger and more secure than it was 20 months ago, and it is more prosperous, fairer and resilient than it was in 2010.
"Whilst he has been my political opponent, Sir Keir Starmer will shortly become our prime minister.
"In this job, his successes will be all our successes, and I wish him and his family well, whatever our disagreements in this campaign, he is a decent, public spirited man who I respect."
tara.o'connor@ft.com
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