Rishi Sunak moves out of 10 Downing Street. Where will he head now?

Rishi Sunak gives his last speech as UK Prime Minister outside 10, Downing Street (Reuters photo)

Rishi Sunak will meet King Charles to formally resign as the Prime Minister of the United Kingdom on Friday. He said he would also stand down as leader of the defeated Conservative Party after Keir Starmer's Labour Party won a landslide victory.

Sunak gave his last speech as UK Prime Minister outside 10, Downing Street, on Friday. "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," Sunak said.

He told the Conservative candidates that he was sorry that they could not deliver what their efforts deserved.

"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 judgement that matters. I take responsibility for this loss...Following this result, I will step down as party leader...," he said.

Sunak had shocked many by calling for an early election despite polls putting the Conservatives behind the Labour Party. Weeks later, Keir Starmer's Labour Party swept the UK polls, winning 410 seats to bring a crushing end to 14 years of Conservative rule.

He took responsibility for the worst performance of the Conservative party in the polls, which saw it being reduced to just 119 seats.

What's Rishi Sunak's immediate plan

"I will return here to my family's home and I look forward to spending more time with you all in the weeks, months and years ahead," Sunak said about his immediate plans ahead.

What's next for Sunak and Conservatives

Sunak's defeat in the UK polls may mark the end of his career at the top of British politics. Even in his own constituency Richmond, he won with a significantly reduced vote share.

The first job of Sunak and Conservatives will be to win back the support of the people.

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.

Sunak might think of continuing as an MP for a full five-year term even though there have been reports that he might return to his financial sector job in California.

Many also think he may be tempted to return to the US in the years to come, perhaps to pursue his interest in artificial technology.

Several top Conservative Party MPs, including eight cabinet ministers, lost their seats so finding a new leader for the party won't be an easier task.

Scandals, inflation and exit from the European Union are believed to have contributed to the Conservative party's worst performance in its history. As Conservatives eye a comeback in 2029, it remains to be seen if Sunak can provide a healing touch.