UK's Starmer: I will resign as prime minister

• Will remain in post until Labour leadership contest is completed in early September
• Will do everything to ensure an orderly handover
• Nominations will open on 9 July

His final words before calling the resignation:

"The question my party is asking now is whether I am best placed to lead us into the next general election. I have heard the answer of my parliamentary party to that question - and I accept that answer with good grace."

Starmer then leaves the podium, fighting to hold back tears. He is the third prime minister to step down in the last four years.

The stage is set now for Andy Burnham to take over where he is believed to be better in terms of "connecting" to the working class and the British public. Well, let's just say it all starts off that way.

The UK fiscal position will ultimately do all the talking and come what may, I'm not sure if he can be the one to fix things. In essence, "public finances" is to Labour now what "Brexit" was to to Tories back then i.e. their ultimate undoing.

This article was written by Justin Low at investinglive.com.