LONDON (BNO NEWS) — Britain’s Prime Minister Gordon Brown on Tuesday said he will offer his resignation to Queen Elizabeth II and resign as Labour Party leader, effective immediately.

The announcement follows a day of increased rumors that Brown would submit his resignation. Earlier, the Liberal Democrats told Sky News that they were ‘very close’ to reaching a deal to form a new British government.

It now appears to be certain that Conservatives leader David Cameron will become the new prime minister of Britain. The Conservatives won last week’s elections but failed to secure a majority.

Brown’s resignation on Tuesday marks the end of the Labour Party’s 13-year hold on power.

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