In a statement delivered outside Number 10 Downing Street on Thursday, British Prime Minister Boris Johnson announced his resignation, saying that it was clear the Conservative Party needed a new leader.

Key takeaways

"The timetable will be announced next week."

"I will serve until there is a new leader in place."

"The reason I have fought so hard is because I felt it was my duty."

"I am immensely proud of my achievements."

"We will continue to back Ukraine."

"The economic scene is difficult."

"It is painful not to see my term through."

"In politics no one is indispensable."

Market reaction

The GBP/USD pair showed no immediate reaction to this development and was last seen rising 0.4% on the day at 1.1980.