Britain's Prime Minister Tony Blair announced today he is stepping down as leader of the Labor Party and will hand over power to a new prime minister June 27th.
Tony Blair chose the town of Sedgefield, the heart of his constituency in northeast England, to make his long-awaited announcement.
"Today, I announce my decision to stand down from the leadership of the Labor party. The party will now select a new leader. On the 27th of June I will tender my resignation from the office of prime minister to the Queen."
And so, after 10 years in office Mr. Blair, with these words, set out the transition of power. The Labor party is expected to select Treasury chief Gordon Brown as its new leader, paving the way for him to become prime minister on June 27th.