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Tony Blair Resigning
Do you think Bush will follow suit? 
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LONDON, England (CNN) -- Saying "I did what I thought was right for the country," British Prime Minister Tony Blair defended his record as the country's leader for the past decade as he announced his intention to step down as prime minister and Labour Party leader.
"I've come back here to Sedgefield, to my constituency, where my political journey began and where it's fitting that it ends," Blair said.
"I've been prime minister of this country for just over 10 years ... I think that's long enough for me, but more especially, for the country."
Blair spoke at his parliamentary constituency in northeast England and said he would tender his resignation to Queen Elizabeth on June 27. He later returned to London.
At times, the PM appeared choked with emotion. He thanked the nation for supporting him during his time in office and apologized for his shortcomings -- but not for his actions.
"I ask you to accept one thing," he said. "Hand on heart, I did what I thought was right. I may have been wrong -- that's your call.
"But believe one thing if nothing else. I did what I thought was right for our country and I came into office with high hopes for Britain's future and you know I leave it with even higher hopes for Britain's future."
Blair arrived to a cheering crowd of local activists. Earlier, in London, Labour's longest-serving PM told his Cabinet of his decision.
His departure is expected to trigger a leadership election in the ruling Labour Party that mean a new PM by the end of June. John Prescott, Blair's deputy prime minister since 1997, also resigned Thursday. (Watch how his announcement is one of the worst kept secrets in global politics )
Moving forward
Finance minister, Gordon Brown, is the favorite to succeed Blair. The 56-year-old Scot has been chancellor throughout Blair's tenure.
Blair will not be leaving power until after a leadership election within his party, his spokesman emphasized on Wednesday.
The selection process -- which includes a vote of Labour lawmakers, party members and members of affiliated trade unions -- is expected to take six to seven weeks, with confirmation by a party conference at the end of June. At that point, Blair will formally submit his resignation to Queen Elizabeth II.
Given Labour's majority in the House of Commons, a general election is not required.
Blair's legacy
Blair has seen his popularity plunge because of his steadfast support for the U.S.-led invasion of Iraq and political scandal.
His widely anticipated departure announcement comes a week after Labour took heavy losses in local and national elections in England, Scotland and Wales.
Blair's decision comes as Protestant Unionist leader Ian Paisley and former arch-foe Sinn Fein's Martin McGuinness, a former IRA commander, were sworn in as Northern Ireland's power-sharing leaders. The landmark capped 10 years of Blair's drive for peace. (More on his legacy)
The charismatic 54-year-old has been at the helm of Labour since 1994 and led it to an unprecedented three straight election victories in 1997, 2001 and 2005.
CNN's Chief International Correspondent Christiane Amanpour said Blair began his career as a young, dynamic leader with a lot more hair and fewer wrinkles, who "made it cool again to be British, not just noble."
Amanpour highlighted Blair's humanitarian interventions in Kosovo and Sierra Leone as well as his commitment to peace in Northern Ireland, saying his achievements were "quite amazing."
But his political fortunes have been weighed down by Iraq and an investigation into whether Labour campaign donors were rewarded with political honors. In December, he became the first serving prime minister questioned as part of a criminal inquiry relating to the investigation.
Amanpour said Blair was arguably one of the most successful prime ministers in British history but added that his Iraq policy "is something that will dog him for many years."
"Nobody, perhaps least of all Tony Blair, could forsee Iraq as such a disaster," Amanpour added.
But even at the end of his political career Blair continues to defend his decisions, just as he did at the 2005 Labour Party conference.
"I know there's a bit of us that would like me to do a Hugh Grant in Love Actually and tell America where to get off," he said. "But the difference between a good film and real life is that in real life there's the next day, the next year, the next lifetime to contemplate the ruinous consequences of easy applause."
Brown vs. Cameron
If elected as Labour leader, Brown need not call an election until 2010. But opposition leaders, including the Conservatives' David Cameron, have been pressing for a quick election, arguing that Britain's voters should have a say in picking their next prime minister. Blair's departure, they say, is long overdue.
"Why does the country have to put up with another seven weeks of paralysis?" Cameron asked, calling the government during an exchange in the House of Commons Wednesday one "of the living dead."
Blair, with Brown sitting right behind him, replied, "I'll tell him what I'll be concentrating on in the next seven weeks, and that is policy."
Cameron -- whose party is regaining popularity after years overshadowed by Labour -- "can be as cocky as he likes about the local elections," Blair retorted, "but come a general election, it's policy that counts, and, on policy, he loses."
Copyright 2007 CNN. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed. Associated Press contributed to this report.
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