London, July 5: Rishi Sunak, who resigned as the UK Prime Minister on Friday, has confirmed that following the General Election result, he will also be stepping down as the Conservative leader once the formal arrangements for choosing his successor are in place.

"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," said Sunak in a short speech delivered in front of the PM's office in Downing Street. Rishi Sunak Concedes Defeat in UK General Elections 2024: YouTuber Niko Omilana Holds ‘L’ Behind UK PM During Speech (Watch Video).

"I have heard your anger, your disappointment and I take responsibility for this loss. To all the Conservative candidates and campaigners who worked tirelessly, but without success, I'm sorry that we could not deliver what your efforts deserved," he added.

Accepting responsibility for the Tories' loss, Sunak apologised to voters for the party's shocking performance but added that the UK was "more prosperous, fairer and resilient than in 2010'' during the 14 years of Conservatives governance. Rishi Sunak, Akshata Murty Leave 10 Downing Street Holding Each Other's Hands After Conservative Party's Defeat in 2024 UK Election, Video Surfaces.

"When I first stood here as your Prime Minister, I told you the most important task that I had was to return stability to our economy. Inflation is back to target, mortgage rates are falling and growth has returned. We have enhanced our standing in the world," he said.

"This is a difficult day, but I leave this job honoured to have been Prime Minister of the best country in the world," Sunak mentioned before he and his wife left for Buckingham Palace where the outgoing PM formally submitted his resignation to King Charles.

(The above story first appeared on LatestLY on Jul 05, 2024 04:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).