Sigmundur Davíð Gunnlaugsson has agreed to step down as Prime Minister. This was announced at the conclusion of a parliamentary meeting of Progressive Party MPs earlier today. He will be replaced by incumbent Minister of Fisheries and Agriculture, and fellow Progressive Party member, Sigurður Ingi Jóhannesson. Sigmundur will remain chairman of the party. 

This proposal is however incumbent upon the approval of fellow majority leader Bjarni Benediktsson, Minister of Finance and chairman of the Independence Party. Bjarni is currently meeting with President Ólafur Ragnar Grímsson regarding Sigmundur’s request for parliamentary dissolution which president rejected earlier today.