Rishi Sunak resigns as Conservative Party leader following election loss.

• On Friday, Rishi Sunak, the outgoing UK Prime Minister, announced that he will relinquish his position as the leader of the Conservative Party.
• In October 2022, Sunak became the first British Asian to hold the position of prime minister. However, he only remained in office for 20 months.

Rishi Sunak, the outgoing UK Prime Minister, announced on Friday that he will resign as the leader of the Conservative Party following the Labour Party's landslide victory in Thursday's national election.

As soon as the formal arrangements for selecting his successor are in place, Sunak will offer his resignation as prime minister and step down as the leader of the Conservative Party.

"This day is challenging, following a series of challenging days," Sunak stated in his final address outside of Downing Street. "Nevertheless, I am proud to have served as your prime minister."

In a speech at 10 Downing Street, Sunak stated: "I have given my utmost to this role, but your message is clear: the UK government must transform, and your verdict is the only one that counts."

He acknowledged the anger and discipline expressed, and assumed responsibility for the loss of all conservative candidates and campaigners who worked diligently but unsuccessfully.

In October 2022, Sunak became the first British Asian to hold the position of prime minister. However, he only remained in office for 20 months.

This breaking news story will be updated shortly.