The resignation of the U.K. Prime Minister Boris Johnson brought an end to a three-year tenure that has been marred by controversy and scandal.
The process for choosing the new leader of the Conservative Party should start now, with a timetable to be announced next week, according to Johnson.
He said he would stay in place until a new leader is elected.
Despite a lack of support within his own party and growing calls for him to step down immediately, he decided to stay in office.
Johnson said he was sad to be giving up the best job in the world, but admitted that no one is indispensable in politics.
Johnson referred to members of his own ruling party who turned against him.
Shortly after Johnson announced, sterling traded 0.4% higher.
As the wave of resignations from Johnson's government and party began, one Conservative Party member publicly voiced their lack of confidence in the prime minister.
The finance minister said the political crisis over Johnson's future was not sustainable and would only get worse.
Two days after the prime minister appointed him finance minister, he called for Johnson to step down.
The Finance Minister and Health Secretary kicked off the resignations. The two high-profile ministers quit within minutes of each other on Tuesday evening after a dispute over Johnson's decision to appoint Chris Pincher as deputy chief whip.
Pincher was suspended from the Conservative Party after he was accused of drunkenly groped two men. He was appointed to the role despite the fact that he had been accused of sexual harassment.
Pincher was appointed as deputy chief whip. He has repeatedly rejected calls to step down, claiming he had a clear mandate to continue. Johnson bowed to the political pressure and decided to step down.
The reputation of the prime minister has been ended by Johnson. The former London mayor was known for his ability to wriggle out of political controversy.
Johnson survived a vote of confidence from his own MPs last month. More than 200 MPs voted in favor of Johnson, while fewer than 100 voted against him.
The next Conservative leader and prime minister will be decided by a leadership contest.
The final two candidates will go head to head in a vote of Conservative Party members.
There are a number of people tipped to run in a leadership election.
Wallace was the clear favorite among Conservative Party members to be the next leader, according to a poll.
Holly Ellyatt worked for CNBC.
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