British Prime Minister Gordon Brown has tendered his resignation to Queen Elizabeth II, making way for a new power-sharing government led by Conservative leader David Cameron to be formed.
His resignation follows the general election on May 6 in which no party won an overall majority, but the Conservatives won the most seats and votes.
Both Labour and the Conservatives have since been trying to persuade the Liberal Democrats to join them in a coalition government.
Brown's decision comes as the Conservatives and Liberal Democrats are poised to agree on a deal to form a government.
"My resignation as the leader of the Labour Party will take effect immediately and in this hour I want to thank all my colleagues -- ministers, members of the Parliament -- and I want to thank above all my staff, who have been my friends as well brilliant servants of the country," Brown said today.
Brown succeeded Tony Blair as prime minister in June 2007 after spending 10 years as chancellor of the exchequer.
compiled from agency reports