Rishi Sunak has resigned as Prime Minister after meeting the King at Buckingham Palace. 

Mr Sunak, who has said he also intends to stand down as Conservative Party leader, apologised after leading the Conservatives to their worst ever election result.

He said would quit as Tory leader once arrangements are in place to choose his successor, potentially triggering another round of Conservative infighting as MPs scramble to replace him.

Mr Sunak travelled to Buckingham Palace around 11:30am and informed King Charles of his resignation during a short meeting. 

A statement from Buckingham Palace said: “The Right Honourable Rishi Sunak MP had an audience of The King this morning and tendered his resignation as Prime Minister and First Lord of the Treasury, which His Majesty was graciously pleased to accept.”

The Conservatives suffered a battering on election night with a Labour landslide sweeping Sir Keir Starmer to No 10.

The Labour leader will become prime minister after a Tory rout which saw former premier Liz Truss and a dozen serving Cabinet members lose their seats.

In a statement outside No 10, Mr Sunak said: “I will shortly be seeing His Majesty the King to offer my resignation as Prime Minister.

“To the country, I would like to say first and foremost, I am sorry.

“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.

“I have heard your anger, your disappointment, and I take responsibility for this loss.”

POLITICS Election(PA Graphics)

After 648 of the 650 Commons seats had been declared, Labour had a majority of 176.

Labour had 412 seats and the Tories 121.

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Mr Sunak said: “Following this result I will step down as party leader – not immediately, but once the formal arrangements for selecting my successor are in place.

“It is important that after 14 years in government the Conservative Party rebuilds, but also that it takes up its crucial role in opposition professionally and effectively.”

He added: “This is a difficult day at the end of a number of difficult days. But I leave this job honoured to have been your Prime Minister.

“This is the best country in the world. And it is thanks entirely to you, the British people, the true source of all our achievements, our strengths and our greatness.”