Watch in full: Rishi Sunak speaks for final time as Prime Minister
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Rishi Sunak announced he will quit as Tory leader after the party suffered its worst-ever election defeat.
Mr Sunak apologised for the loss as he gave his final speech as PM outside 10 Downing Street.
He said he would quit as Conservative leader once arrangements are in place to choose his successor, potentially triggering another round of infighting as MPs scramble to replace him.
He said: "I will shortly 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."
READ MORE: King Charles set to welcome new PM Keir Starmer - full list of timings
Rishi Sunak gave his final address outside Downing Street this morning (Image: SWNS)
The election saw Labour take more than 400 seats, with the Conservatives falling well below their previous low of 156 MPs set in 1906.
Mr Sunak said: "Following this result I will step down as party leader - not immediately, but once the formal arrangements for selecting my successor are in place.
"It is important that after 14 years in government the Conservative Party rebuilds, but also that it takes up its crucial role in opposition professionally and effectively."
He added: "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.
"This is the best country in the world. And it is thanks entirely to you, the British people, the true source of all our achievements, our strengths and our greatness."
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Mr Sunak headed to Buckingham Palace after his statement for an audience with the King to formally tender his resignation as PM.
Then it is Sir Keir Starmer's turn to see Charles at the palace. He will be appointed as the country's next prime minister and asked to form an administration.
Mr Sunak publicly conceded defeat in his acceptance speech after being re-elected in Richmond and Northallerton in the early hours of this morning.
He said: "The Labour Party has won this General Election and I have called Sir Keir Starmer to congratulate him on his victory."
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Other Tory big beasts including former PM Liz Truss and ex-business secretary Sir Jacob Rees-Mogg also lost their seats.
The result is likely to trigger a fresh round of infighting within the Conservative Party as MPs scramble to replace Mr Sunak.
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