Rishi Sunak has announced his intention to step down from his role as the leader of the Conservative Party.

His announcement follows news that the Labour Party is expected to take 412 seats in the General Election with a majority of more than 170.

According to the BBC forecast, the election is set to bring the worst Conservative result in terms of seats in history, with the party forecast to win around 122 seats.

Sunak said he will step down as the Conservative Party leader once the formal arrangements for selecting his successor are in place.

Speaking outside 10 Downing Street this morning (Friday, July 5), Sunak said: “Good morning. I will surely be seeing His Majesty the King to offer my resignation as Prime Minister.

“To the country, 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.”

Sunak said he was sorry to all the Conservative candidates and campaigners who “worked tirelessly but without success”.

“…I am sorry that we could not deliver what your efforts deserved,” he said.

‘It pains me to think how many good colleagues, who contributed so much to their community and our country, will now no longer sit in the House of Commons.

“I thank them for their hard work and their service.”

Sunak said it is important now, after 14 years in government, that the Conservative Party rebuilds and take up its role in opposition “professionally and effectively”.

He said he was proud of he and his government’s achievements, citing the implementation of the Windsor Framework as one of these.

Keir Starmer

On Keir Starmer becoming the UK’s new Prime Minister, Sunak said: “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 success and I wish him and his family well.

“Whatever our disagreements in this campaign, he is a decent, public-spirited man who I respect.

“He and his family deserve the very best of our understanding as they make the huge transition to their new lives behind this door and as he grapples with this most demanding of jobs in an increasingly unstable world.”

Sunak then thanked his colleagues, his cabinet, the civil service, his staff and “most of all” his wife and daughters for the sacrifices they made to allow him to be the UK’s Prime Minister.