In a statement, the palace said: "The right honourable Rishi Sunak MP had an audience of the King this morning and tendered his resignation as prime minister and first lord of the Treasury, which his majesty was graciously pleased to accept."

Following the loss, Rishi Sunak apologised the nation for the party's poor show in the polls.

Speaking outside 10 Downing Street after a disastrous night for the Conservative party, Sunak confirmed his resignation as prime minister and was quoted as saying by Guardian: “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," he said.

Sunak also took responsibility for the loss in the polls.

Removing the Conservative rule of 14 years, Labour Party returned to power by clinching 412 seats.

Keir Starmer is now set to become the new PM of the country.

" We said we will stop the chaos. And we will. We said we will turn the page. And we have. The work of change begins today," Searmer posted on X.