Gordon Brown is stepping down.
In a speech outside 10 Downing Street, the PM said his party will elect a new leader by the time of its next conference in September.
But, he said, he will not stand or back any particular candidates.
He added he would take the blame for losing Labour’s majority at the election.
The PM also revealed Lib Dem leader Nick Clegg has asked Labour to enter into “formal negotiations” on forming a government, and he said it was “sensible and in the national interest” to respond positively to the request.
Daniel Hannan, eleven months ago calling for Gordon Brown to resign via Dr. Seuss: