Robert Mugabe resigns as president of Zimbabwe

President Mugabe has handed in a written letter of resignation, putting a halt to impeachment hearings, the speaker of Zimbabwe's parliament said on Tuesday.

Mugabe, who had been in power since 1980, stood accused of allowing his wife to "usurp conditional power" by attempting to set her up as his successor, leading his Zanu-PF party to call for his impeachment.

The motion had been moved and seconded in parliament, with speaker Jacob Mubenda saying it was "unprecedented in the history of post-independent Zimbabwe."

Mugabe's letter stated that his decision was voluntary and that he had chosen to step aside to allow for a smooth transition of power.

Having previously refused to resign, despite a military takeover earlier in the month and several days of protest, Mugabe's shock announcement led to jubilation in the parliament and celebration in the streets.

Commenting on move, Prime Minister Theresa May said: "The resignation of Robert Mugabe provides Zimbabwe with an opportunity to forge a new path free of the oppression that characterised his rule. In recent days we have seen the desire of the Zimbabwean people for free and fair elections and the opportunity to rebuild the country’s economy under a legitimate government.

"As Zimbabwe’s oldest friend we will do all we can to support this, working with our international and regional partners to help the country achieve the brighter future it so deserves."

Offering a financial view, Anglo-South African bank Investec said political change in Zimbabwe seems to be supported by all political parties, the people of Zimbabwe and championed by the Military.

"In our view, impact on the PGM miners in Zimbabwe will be minimal and new regime is likely to be supportive of businesses and inclusive growth."