00:00I will resign as leader of the Labour Party.
00:03The question my party is asking now is whether I am best placed to lead us into the next general
00:12election.
00:14I have heard the answer of my parliamentary party to that question.
00:21And I accept that answer with good grace.
00:26Every decision I have taken has been about putting the country I love first.
00:32That is why I will resign as leader of the Labour Party.
00:37I have spoken to His Majesty the King this morning to inform him of my decision.
00:43I will ask the National Executive Committee of the Labour Party to set out a timetable with nominations opening on
00:51the 9th of July and completed by the summer recess.
00:55In the case of a contest, this will ensure a new leader is in place before Parliament returns in September.
01:03I will remain in post as Prime Minister until the contest is complete.
01:09And I will do everything I can to ensure an orderly handover of power.
01:14Thank you.
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