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Rishi Sunak pulled the trigger on a summer election in a dramatic - and soaking wet - Downing Street statement tonight.
After an extraordinary day of rumours, the premier has taken a massive gamble by announcing the date as Thursday, July 4 - despite Labour being miles ahead in the polls.
As his suit became drenched, and with protesters playing the New Labour anthem of 'Things Can Only Get Better' in the background, Mr Sunak pointed to inflation being 'back to normal' and insisted he was 'stopping the boats'.
'The question now is how and who do you trust to turn that foundation into a secure future... now is the moment for Britain to decide its future,' he said.
Underling global threats from Russia and China, Mr Sunak portrayed himself as the safe choice for voters. 'On July 5, either Sir Keir Starmer or I will be prime minister. He has shown time and time again that he will take the easy way out and do anything to get power,' he said.
'If he was happy to abandon all the promises he made to become Labour leader once he got the job, how can you know that he won't do exactly the same thing if he were to become prime minister?'
Minutes later, Sir Keir responded with his own statement saying he welcomed 'a moment the country needs and has been waiting'.
'A chance to change for the better your future, your community, your country,' he said.
'It will feel like a long campaign, I am sure of that, but no matter what else is said and done, that opportunity for change is what this election is about.'
Preparations are being made for a Conservative rally at the Excel centre later tonight with campaigning due to kick into overdrive.
But before today the election had widely been expected in the Autumn, and the bombshell is threatening to set the Tory tinderbox ablaze, with MPs telling MailOnline that Mr Sunak has a 'death wish'. They warned that the Parliamentary party will go 'nuts' at the prospect of charging towards a disastrous defeat.
As the country gears up for a titanic showdown that could define a generation:
Rishi Sunak pulled the trigger on the election in a soaking Downing Street tonight
Mr Sunak said it was the 'moment for Britain to decide' its future, whether he should stay as PM or Keir Starmer take over
Despite seeming to ease just before Mr Sunak emerged from the famous black door, the rain quickly redoubled
Mr Sunak said he had spoken to the King and named the date for July 4
Michael Gove and Jeremy Hunt were among the ministers at Cabinet tonight
Health Secretary Victoria Atkins smiled for the cameras as she walked into Downing Street
There is intense chatter this morning that Mr Sunak could spring a bold surprise, despite Labour being miles ahead in the polls
The July 4 date will require the planned half-term recess next week to be cancelled for the so-called 'wash up' of legislation.
It will be the first July election since 1945, when Clement Attlee's Labour defeated Winston Churchill's Tories.
Mr Sunak said: 'These uncertain times call for a clear plan and bold action to charter a course to a secure future.
'You must choose in this election, who has that plan, who is prepared to take a bold action necessary to secure a better future for our country and our children?
'Now, I cannot and will not claim that we have got everything right. No government should, but I am proud of what we have achieved together, the bold actions we have taken and I'm confident about what we can do in the future.'
The Prime Minister listed increasing the state pension by £900, reducing taxes on investment and reforming education as among his Government's achievements.
He said: 'This election will take place at time when the world is more dangerous than it has been since the end of the Cold War.'
He highlighted Vladimir Putin's invasion of Ukraine, the tensions in the Middle East relating to the Israel-Hamas conflict, China's efforts to 'dominate the 21st century' and migration 'being weaponised by hostile states to threaten the integrity of our borders'.
'These uncertain times call for a clear plan and bold action to chart a course to a secure future,' he said.
'You must choose in this election who has that plan.'
Downing Street said in a statement: 'The Prime Minister has today asked His Majesty The King to proclaim the Dissolution of Parliament. His Majesty has been graciously pleased to signify that he will comply with this request.
'Parliament will be prorogued on Friday 24 May. Dissolution will take place on Thursday 30 May.
'The General Election will take place on Thursday 4 July. The new Parliament will be summoned to meet on Tuesday 9 July, when the first business will be the election of the Speaker and the swearing-in of members, and the State Opening will be on Wednesday 17 July.'
The King met with Mr Sunak in person at Buckingham Palace for about 15 minutes during the afternoon, in place of his usual audience in the evening.
The rumours gathered pace after Mr Sunak hailed a 'major milestone' this morning with inflation tumbling to the lowest level in nearly three years.
At PMQs in the Commons at lunchtime, SNP Westminster leader Stephen Flynn said: 'Speculation is rife, so I think the public deserve a clear answer to a simple question. Does the Prime Minister intend to call a summer general election or is he feart?'
Mr Sunak replied: 'There is, Mr Speaker, spoiler alert, there is going to be a general election in the second half of this year.
'At that moment, the British people will in fact see the truth about the honourable gentleman opposite me, because that will be the choice at the next election Mr Speaker, a party that is not able to say to the country what they would do, a party that would put at risk our hard-earned economic stability, or the Conservatives that are delivering a secure future for our United Kingdom.'
Then it emerged Lord Cameron had cut short a trip to Albania to be back in time for the Cabinet meeting at 4.15pm, while Jeremy Hunt cancelled an appearance on ITV tonight.Tories were furious at the prospect, with claims the chair of the powerful 1922 committee Graham Brady had agreed to accept text messages from people who want to voice no confidence in the leader.
One former Cabinet minister said: 'There will be queues outside Graham Brady's door.'
Another senior backbencher told MailOnline that they could attempt a coup to try to prevent the writ being moved to dissolve Parliament.
This morning it emerged that headline CPI inflation fell from 3.2 per cent in March to 2.3 per cent last month - near the Bank of England's 2 per cent target.
The PM said the figures showed that his plan is working and 'brighter days are ahead'.
However, the drop, driven largely by easing energy prices, was less than the 2.1 per cent analysts had pencilled in - sparking concerns that the Bank of England might delay interest rate cuts.
Core inflation, another key factor for Threadneedle Street as it mulls whether to ease the pain on mortgage-payers in June, also remained stubbornly high.
Meanwhile, separate official figures had public sector borrowing above estimates, raising questions about whether Mr Hunt will have room to cut taxes before the election.
The latest Savanta poll gave Labour a 17-point lead over the Tories. According to Electoral Calculus, those numbers would produce a 236 majority for Keir Starmer.
He would have 443 MPs, while the Conservatives would have just 124. That is compared to the 376 returned in Boris Johnson's 2019 landslide.
The frenzy at Westminster came after more signs of infighting in the top ranks of the government, with a minister slamming Mr Sunak for hogging the limelight despite slumping popularity.
Johnny Mercer vented his frustrations in a bombshell memo written on his laptop, which was in full view of fellow train passengers as he travelled to London from Exeter.
He raged that No10 officials must stop 'placating' Mr Sunak and giving airtime to 'average' colleagues.
Mr Mercer demanded that more popular Cabinet ministers like Penny Mordaunt and Kemi Badenoch are instead given more media appearances.
Images of Mr Mercer's laptop screen were handed to The Times after being photographed by a passenger in the same carriage on 6 May - four days after the local elections.
But, as well as a focus on Mr Mercer's explosive words, there has also been a backlash within Tory ranks about the Plymouth Moor View MP's decision to travel bare foot on public transport.
Jeremy Hunt cancelled an appearance on ITV's Peston show tonight
Grant Shapps (left) and Mel Stride (right) arriving for Cabinet amid the drama tonight
In his memo, the minister for veterans' affairs wrote: 'Political communication seems haphazard, un-themed and loose. We have average performers during important slots.
'How many people did (Transport Secretary Mark) Harper win over for us this weekend?
'Team in No 10 operating as though the PM is as popular in the polls as he was two years ago.
'It appears to be all about placating him/managing him/promoting him on social media.
'We are only going to get through this as a team. There are good, capable senior colleagues around the Cabinet table who people clearly like, who should see more air time and be more prominent.'
Polls of Conservative members showing that Business Secretary Ms Badenoch and Commons Leader Ms Mordaunt are more popular than Mr Sunak 'should not be ignored', Mr Mercer said.
Both Ms Badenoch and Ms Mordaunt are seen as potential Tory leadership contenders if the party loses the general election.
Mr Mercer, who has been an outspoken backer of Mr Sunak, also wrote that too many special advisers were 'overpromoted and underskilled' and had 'poor political judgments'.
He said that despite his access to No 10 and the Prime Minister, 'I don't feel part of the team'.
His efforts to persuade No 10 to allow veterans to use their IDs at polling stations had been blocked by special advisers, he said, adding: 'Feels like even I cannot have any impact on the grid/government comms.'