Starmer says the question his party is asking is whether he is best placed to lead it into the next general election, BBC reports.
He says he has "heard the answer" of his party to that question and "accepts that answer with good grace".
Every decision he says he has taken has been about "putting the country I love first".
"I will resign as leader of the Labour Party," he says.
Starmer says he spoke to the King this morning to inform him of his decision to resign.
He has asked the National Executive Committee of the Labour Party to set out a timetable with nominations opening for the leadership on 9 July, and completed by the summer recess.
This will mean a new leader is in place before parliament returns in September.
Until then he will remain in post as prime minister, he says.
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