UK Prime Minister Rishi Sunak on Wednesday officially announced that the upcoming general election in the country is scheduled for July 4.

"Earlier today I spoke with his majesty the King to request the dissolution of parliament. The King has granted me this request and we will have a general election on 4th of July," Sunak said in a statement outside 10 Downing Street.

Sky News had reported earlier the possibility of Sunak calling for the general election to be held on July 4.

🇬🇧 BREAKING! UK Prime Minister Rishi Sunak Calls Surprise July 4 Election

Rishi Sunak announced that he has received King Charles III's approval to dissolve Parliament and hold early elections. pic.twitter.com/2BfEpdK3St

— DD Geopolitics (@DD_Geopolitics) May 22, 2024

Rishi Sunak was elected by Conservative MPs as their new leader in October 2022 after Liz Truss resigned from the premiership just weeks following her election.

Under his leadership, the country has witnessed a sharp drop in inflation along with decreasing consumer prices.

Despite this, the UK is ranked as the weakest economy among Western European countries and is forecasted to remain so due to high interest rates and the lasting impacts of last year's inflation surge.

Earlier this month, the OECD said that the UK will plunge to the bottom of G7 economic growth rates in 2025 with a growth of 1 percent, directly behind Germany at 1.1 percent.

Meanwhile, the US and Canada will top the chart as the fastest-growing member economies at 1.8 percent for both.

Read more: Sunak under cabinet fire over plans to curb foreign student visas