Rishi Sunak has said he takes responsibility for the brutal loss in the General Election as he resigned as Prime Minister and Conservative Leader.
The Prime Minister appeared outside Downing Street thanking staff and Conservative candidates.
Sunak also confirmed he would stand down as Conservative Party leader when "arrangements are in place."
After stepping out onto a drizzly Downing Street, he said: "I will shortly be seeing His Majesty the King to offer my resignation as Prime Minister.
Outgoing British Prime Minister Rishi Sunak, flanked by his wife Akshata Murty, delivers a speech at Number 10 Downing StreetReuters"To the country, I would like to say first and foremost, I am sorry. I have given this job my all, but you have sent a clear signal that the Government of the United Kingdom must change. And yours is the only judgment that matters.
"I have heard your anger, your disappointment, and I take responsibility for this loss."
He added: "Following this result, I will step down as party leader – not immediately, but once the formal arrangements for selecting my successor are in place.
"It is important that after 14 years in government the Conservative Party rebuilds, but also that it takes up its crucial role in opposition professionally and effectively."
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Akshata Murty, wife of outgoing British Prime Minister Rishi Sunak, stands behind him as he delivers a speech outside Number 10 Downing Street
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Outgoing British Prime Minister Rishi Sunak
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Rishi Sunak also praised Sir Keir Starmer as a "decent, public-spirited man who I respect" as he conceded defeat outside No10.
Sunak said: "Whilst he has been my political opponent, Sir Keir Starmer will shortly become our Prime Minister. In this job, his successes will be all our successes, and I wish him and his family well.
"Whatever our disagreements in this campaign, he is a decent, public-spirited man who I respect. He and his family deserve the very best of our understanding as they make the huge transition to their new lives behind this door."
Sunak arrived at Buckingham Palace to formally tender his resignation and is expected to leave privately and unseen with his family after the audience with the King.
Outgoing British Prime Minister Rishi Sunak and his wife Akshata Murty leave Downing Street
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A motorcade takes Rishi Sunak away from Downing Street for the final time
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Ending his final statement as Prime Minister, he said: "One of the most remarkable things about Britain is just how unremarkable it is that two generations after my grandparents came here with little, I could become Prime Minister. And that I could watch my two young daughters light Diwali candles on the steps in Downing Street.
"We must hold true to that idea of who we are. That vision of kindness, decency and tolerance that has always been the British way.
"This is a difficult day at the end of a number of difficult days. But I leave this job honoured to have been your Prime Minister.
"This is the best country in the world. And it is thanks entirely to you, the British people, the true source of all our achievements, our strengths and our greatness.
"Thank you."