Rishi Sunak is to resign as Conservative Party leader after a catastrophic election defeat to Labour.

The outgoing UK prime minister announced his resignation outside 10 Downing Street in London.

Sunak said he will not resign immediately – only when formal arrangements for a successor have taken place.

Labour won the UK general election in a landslide, with the Conservatives seeing their worst result – in terms of seats – in the party’s history.

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