By Lehlohonolo Lehana.
Keir Starmer has announced he will stand down as United Kingdom (UK) prime minister after days of intense pressure from Labour MPs, including the cabinet ministers.
Less than two years after he won a landslide election victory that promised to end chaos in British politics, Starmer said it was clear that his party wanted him to go.
He says he is resigning as leader of the Labour Party, and has informed the King of his decision.
He said he inherited a Labour Party that was “politically, financially and morally bankrupt”, which he was told “time and time again” was “finished”
Starmer says he has asked Labour’s National Executive Committee to set out a timetable for a Labour leadership contest, with nominations opening on 9 July.
Nominations will close before the summer parliamentary recess, on 16 July.
In the case of a contest, this will ensure there is a new Labour leader by the time parliament returns in September.
A Labour spokesperson said: “Following the prime minister’s announcement today that he intends to resign as leader of the Labour Party, Labour’s ruling body, the National Executive Committee, will shortly agree a timetable for the election of the next Leader of the Labour Party.
“Further details of the Leadership election will be communicated in due course.”
Starmer thanked his colleagues for their support, his voice cracking with emotion as he also paid tribute to his wife and children.
The pound and government bonds were steady in immediate aftermath of Starmer’s announcement, which investors had widely expected.
Whoever replaces Starmer will become Britain’s seventh prime minister since the Brexit vote to leave the European Union which took place 10 years ago.
Since leaving the EU, successive UK prime ministers have sought closer alignment with Brussels. Some recent polling even suggests a growing majority of the British public would now vote to rejoin the bloc. Any attempts to do so would be met by fierce resistance, however, with one of the foremost architects of Brexit, Reform UK leader Nigel Farage, now a favourite to become the country’s next prime minister.