The Final Bow: Blair bids adieu

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Making public his decision at a gathering of supporters of Labour Party in Trimdon, UK, the 54-year-old Blair said he would be handing Queen Elizabeth his resignation on June 27. He also chronicled his achievements since he assumed power in 1997.

"Today, I announce my decision to stand down from the leadership of the Labour 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," he said.

"I have been Prime Minister of this country for just over ten years. In this job, in the world today, I think that is long enough for me, but more especially for the country. Sometimes the only way you conquer the pull of power is to set it down," he said.

Blair recollected that 1997 was a "moment for a new beginning, the sweeping away of all the detritus of the past, and expectations were so high, too high probably..."

"Britain is no more a follower, it is a leader today," said Blair who saw his approval ratings decline dramatically after he sent British troops to back the US-led military campaign in Iraq and Afghanistan.

"This country is a blessed nation. The British are special. The world knows it. In our innermost thoughts we know it. This is the greatest nation on earth. So it has been an honour to serve it," he said.

Blair said his government was the only one since 1947 that could claim achievements like providing more jobs, cutting unemployment, improving healthcare and education, lowering crime and boosting the economy.

"Now, in 2007, you can easily point to challenges and grievances that fester but go back to 1997. Think back about your own living standards, then in May 1997 and now," he told Labour Party workers.

Britain, he said, now plays a major role in the global arena and has a voice in all key areas whether it is global warming, the fight against terror or Africa's battle against poverty.

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