BREAKING: Leo Varadkar resigns as Taoiseach and Fine Gael leader

Leo Varadkar is set to step down as Taoiseach and Fine Gael leader, he has confirmed.

There had been speculation in political circles since early morning that a major announcement was expected following a meeting of the Cabinet this Wednesday.

There is no immediate indication that the shock announcement will trigger a general election.

Addressing reporters outside Government Buildings, Mr Varadkar said his time as Taoiseach has been the "most fulfilling time of my life".

Flanked by Fine Gael colleagues, he spoke of some of his achievements as Taoiseach and he stated that he was "deeply proud" of the role that Ireland played in accepting 100,000 refugees from Ukraine over the last two years.

Mr Varadkar confirmed that his resignation as leader of Fine Gael will take immediate effect but that he will remain in the role of Taoiseach pending the election of a new leader of Fine Gael.

He told reporters his decision to step down was both "personal and political".

"I am standing aside in the absolute confidence that the country and economy are in a good place and that my colleagues in government from all three parties - Fine Gael, Fianna Fail and Greens - and the Oireachtas will continue to work hard for the Nation's best interests," he said.

Mr Varadkar added that he has enjoyed being Taoiseach, Fine Gael Leader and a Cabinet member "on a personal level" and that he has learned so much during that time.

"I've met so many people who I would never have got to meet, been to places I would never have seen - both at home and abroad - and I am deeply grateful for it."