Conservative leader Rishi Sunak has announced his intention to step down from his role, as his party faced a staggering electoral defeat on Friday. 

The UK prime minister said that he will stay on until his successor can be appointed. 

Earlier on Friday, Sunak accepted responsibility for the Conservative party's loss and conceded defeat to Labour's Keir Starmer who will take over as prime minister, ending 14 years of Tory rule. 

Rishi Sunak on Friday apologised to the public after his Conservatives were trounced by Labour in the UK general election, and said he would step down as party leader. 

"I am sorry," he said before leaving Downing Street to tender his resignation as prime minister to King Charles III. "I have heard your anger, your disappointment, and I take responsibility."

More to follow 

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