Keir Starmer has resigned as prime minister of the United Kingdom, ending his tenure as head of government and leader of the Labour Party.
The announcement confirms reports that had circulated over the weekend regarding the political crisis, marking a sudden shift in the UK's executive leadership.
Financial markets reacted swiftly to the news, with sterling weakening against major peers and UK equity indices trading lower as investors reassessed the political risk premium.
The pound fell sharply in early trading, reflecting concerns over policy continuity and the potential for a period of political instability.
FTSE 100 shares also faced downward pressure, with financial and consumer discretionary sectors leading the decline as uncertainty mounted.
The resignation comes at a critical juncture for the UK economy, which has struggled to regain momentum since Brexit.