Rishi Sunak has confirmed he will resign as Conservative Party leader, after a wipeout result for the party in last night’s general election.
He said this will not be “immediately”, but after a replacement is in place.
Mr Sunak says: “Following this result, I will step down as party leader, not immediately, but once the formal arrangements for selecting my successor are in place.”
He adds it is important that the Conservative Party rebuilds to be an effective opposition.
The former prime minister goes on to list his achievements, including falling inflation and leading global efforts to support Ukraine in its war with Russia.
Sunak began his farewell speech by saying: “I’m sorry.”
He said he has given the job his “all” but voters have “sent a clear signal that the government of the United Kingdom must change”.
Mr Sunak added that the judgement of the public is the only judgement that matters.
He says he has heard the “anger” and “disappointment” of voters and adds that he takes responsibility for the Tories’ crushing loss.
The outgoing prime minister apologised to Conservative candidates and campaigners, saying: “I’m sorry that we could not deliver on what your efforts deserved.”
Who the bookies bet will be next Tory leader
The bookies have made Kemi Badenoch the favourite to be the next leader of the Conservative Party.
Rishi Sunak has announced he will quit after losing the election.
As business secretary, Ms Badenoch rarely missed an opportunity to play to the more right-wing Tory gallery.
She ran for party leadership following the demise of Boris Johnson, but failed to make the final three (Rishi Sunak, Penny Mordaunt and Liz Truss).
At 13/8, Sky Bet has her more likely to be the next leader than Tom Tugendhat, in second on 7/2.
The former security minister, who previously served in the British Army, has been considered by some as “one to watch” since he first walked into the Commons in 2015.
He was knocked out of the race before Ms Badenoch in 2022, throwing his support behind Liz Truss.
Mr Tugendhat was regarded highly in the One Nation group of moderate Tory MPs.
Coming in third is Priti Patel, at 9/2.
The former home secretary blamed the “centre of the party” for the Conservatives’ heavy losses in the last local elections, possibly indicating her direction of political travel if she beats the odds.
Another notable name in the bookies top 10 is Boris Johnson, at 10/1 – but he is not an MP, a prerequisite by convention.
