NEWS UPDATE: Why Boris Johnson Resigned As UK Prime Minister -WATCH VIDEO

Johnson's departure will come as a relief to many Conservative Party lawmakers who accused him of plunging Britain into a near constitutional crisis.

Having announced his resignation, he has agreed that the process of choosing his successor should start.

"To that new leader, I say I will give you as much support as I can," said Johnson, who faced a party revolt and historic wave of resignations by government officials this week after a mounting list of scandals.

"I want you to know that from now until the new prime minister is in place, your interests will be served and the government of the country will be carried on."

Giving his resignation speech, he said, ''In the last few days i have tried to persuade my colleagues that it would be eccentric to change government when we are delivering so much and when we have such a vast mandate and when we are actually a handful of points behind in polls.

"I regret at not being successful in that argument, of course it is painful not to be able to see through so many ideas and projects myself, but as we have seen at westminster, the herd instinct is powerful, when the herd moves, it moves.

And my friends in politics, no one is remotely indispensable and are brilliant and the darwinian system will produce another leader equally committed to taking this country forward through tough times not just helping families to get through it, but changing and improving the way we do things, cutting burdens on businesses and families and yes, cutting taxes because that is the way to generate the growth and the income we need to pay for great public services.

"To you, the British public, I know there are many people who will be relieved ... and I want you to know how sad I am to be giving up the best job in the world," he told the nation from outside No. 10 Downing Street - the office and residence of Britain's prime minister.

He thanked everyone who had been instrumental during his reign, including the british public .

Though resigned, Boris is to remain Prime Minister until a new leader is in place.