Boris Johnson has resigned as the British Prime Minister and leader of the Conservative Party.
Speaking outside Downing Street, Johnson said the process for choosing the new leader of the Conservative Party should begin now, with a timetable to be announced next week.
He said he intends to remain in place until a new Tory leader is elected.
His decision to remain in office comes despite a clear lack of support from within his own party and a growing push across the political spectrum for him to step down immediately.
Johnson gave up to pressure to resign after he lost the support of his ministers and MPs.
By today morning, several media outlets had reported that over 51 ministers had resigned.
A Conservative leadership contest will take place this summer and a new prime minister will be in place in time for the party conference in October.
Pressure on Johnson’s exit started by the resignation of Chancellor Rishi Sunak and Health Secretary Sajid Javid over protests at how the PM had handled allegations of misconduct against a prominent Conservative Party lawmaker.
Johnson had defied pressure to quit on Wednesday from senior ministers and a mounting rebellion within his ruling Conservative Party, saying he will fight off any attempts to oust him over a series of scandals, Reuters reports.
After more than 40 resignations from within the government and with many Conservative lawmakers in open revolt, some cabinet ministers went to Downing Street to tell Johnson he needed to go.
According to Reuters, some lawmakers encouraged Johnson to make a dignified exit by setting his own timetable rather than face a confidence vote.
Many lawmakers said it was now a question of when, not if, he has to go.
Reuters said that the attorney general for England and Wales, Suella Braverman, on Wednesday called on Johnson to resign and became the first cabinet minister to say they would run to replace him in any Conservative Party leadership contest.
"I do think the time has come for the prime minister to step down," Braverman said on ITV. She said she did not want to resign from her post. "If there is a leadership contest I will put my name into the ring."
Dozens have publicly criticised Johnson's integrity after he was forced to apologise for appointing a lawmaker to a role involved in pastoral care, and had not recalled being briefed that the minister had been the subject of complaints about sexual misconduct.
It is the latest crisis to hit Johnson’s administration after months of scandals and missteps, including a damning report into parties at his Downing Street residence and office that broke strict COVID-19 lockdown rules and saw him fined by police.
But despite the clamour for him to resign, James Duddridge, a Conservative lawmaker and close aide of Johnson, told Sky News the British leader "is buoyant, he is up for a fight" after a meeting with members of his top cabinet team.
Duddridge said Johnson and the newly-appointed finance minister Nadhim Zahawi would set out a new joint plan for the economy next week which would include tax cuts.
Johnson sacked Michael Gove, a senior minister who media earlier said had told the British leader he should quit. On Wednesday night, Secretary of State for Wales Simon Hart joined those resigning.
Earlier Johnson told a parliamentary committee: "I am not going to step down and the last thing this country needs, frankly, is an election."
Johnson said had a mandate from the 2019 national election, which he won with a large majority, and it would not be responsible to walk away from the job in the middle of a cost-of-living crisis and war in Europe. Johnson has been a visible supporter of Ukraine following Russia's invasion in late February.
Johnson also refused to say if he would try to stay in the job even if he lost a confidence vote from his own lawmakers. That could come next week if they agree to change the party's rules, which only allow one such challenge a year. He narrowly won a similar vote last month.
The dramatic resignations on Tuesday of his health and finance ministers triggered a growing swell of other ministerial departures and many Conservative lawmakers questioned his fitness to govern.