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Prime Minister Tony Blair will announce his intention to step down as Labour Party leader Thursday, setting the clock ticking on the final weeks of his 10-year premiership.

Blair’s official spokesman said the prime minister would set out his intentions to Cabinet colleagues on Thursday morning. He is then expected to travel to his Sedgefield constituency in northern England to make a public announcement.

Speculation about Blair’s resignation date intensified after he celebrated a decade in power on May 1.

Treasury chief Gordon Brown, Blair’s longtime friend and rival, is the favorite to succeed him, although two backbench Labour lawmakers also have announced their intention to run.

Blair’s announcement has been awaited since Sept. 30, 2004, when he said in a TV interview that he would serve only one more term — his third — as prime minister.

The announcement, made when he was facing a surgical procedure to correct a heart problem, was one he came to regret, as opponents, party rivals and the media pressed him to set a date for his departure.

What it means

In British parliamentary tradition, the leader of the largest party in the House of Commons serves as prime minister. Blair’s announcement that he is stepping down as Labour leader will trigger a leadership contest that would see him replaced as party leader, and prime minister, within about seven weeks.