The predictions proved correct: Starmer announces his resignation.

In the speech in which he announces his resignation, he paints a glorious portrait of his tenure:

Walking up this street two years ago was the proudest moment of my life. A new Labour government. The first in 14 years. A new chapter in our country’s history was opened after years of disappointment and despair. The opportunity to improve the lives of millions of people. That is why I entered politics. The road there was not easy. Six years ago, I inherited a Labour Party that was politically, economically and morally bankrupt. Time and again I was told that my party was finished, that we were consigned to history, that a majority at a general election – let alone a landslide victory – was impossible. But we proved them wrong, because we changed our party. We cleared away the poison of antisemitism, restored trust in the economy, defence and national security, and became a party that once again proudly stood with – not against – our national flag. The hard work of change had one single purpose. Not power for power’s sake, but to change Britain for the better. To build a fairer country with dignity and respect. Where everyone is seen, everyone is valued. Wealth and opportunity for all, not just for the privileged few. And look at what we have achieved in just two years. An economy that is stronger and growing faster than our neighbours’, with wages having risen faster than inflation every single month since we came to power. Investment has been secured, infrastructure is being built, and the era of austerity is over – with the fastest reduction in NHS waiting lists in 17 years. The greatest improvement in workers’ and tenants’ rights in a generation. The largest increase in defence spending since the Cold War. Fewer small-boat crossings. Asylum hotels closing. Protection of young people from social media and half a million children lifted out of poverty thanks to the choices I have made. Our reputation in the world has been restored, and Britain once again stands up for decency, respect and the rule of law, securing trade agreements, standing with Ukraine, defending our values and rebuilding our relationship with our allies in Europe. Change promised by a Labour government. Change fought for by a Labour government. Change delivered by a Labour government.

Nevertheless, Starmer says he accepts that the party wants new forces:

But I know that the question being asked now is not who was best placed to change the Labour Party, lead us to power and begin the vital work of improving the lives of millions of people. Those questions have been answered. The question my party is now asking is whether I am best placed to lead us into the next general election. I have heard the answer from my parliamentary party to that question, and I accept that answer with dignity. Every decision I have made has been about putting the country I love first. That is why I will step down as Leader of the Labour Party.

Starmer will remain in office until a successor has been appointed:

I spoke with His Majesty The King this morning to inform him of my decision. I will ask Labour’s National Executive Committee to set a timetable under which nominations will open on 9 July and close before the summer recess. If there is to be a leadership contest, this will ensure that a new leader is in place before Parliament resumes its work in September. I will remain in office as Prime Minister until the leadership contest has concluded. And I will do everything I can to ensure an orderly transfer of power. I will also give my successor my full and unequivocal support, knowing that he or she will inherit a Britain that is far stronger and fairer than the one I inherited two years ago, better prepared for the challenges that lie ahead and better placed to ensure that Labour wins a further term in office.