Mr. Drakeford, who has been the Cardiff West Member of the Senedd (MS), will step down in March, with a new Welsh Labour leader set to be elected before Easter.

The timing of his announcement came as a surprise, as Mr. Drakeford had initially planned to stand down in 2024. However, he expressed his desire to have a new leader in place before the next Westminster general election. He emphasized that the recent backlash over the implementation of new 20mph speed limits across the country had no bearing on his decision.

Speaking at a press conference in the Welsh Parliament, Mr. Drakeford stated, "When I stood for the leadership, I said that, if elected, I would serve for five years. Exactly five years have passed since I was confirmed as first minister in 2018." He further added that the looming prospect of a general election had been a significant factor in his decision, as he believed it was essential for the people of Wales to know who would work alongside UK Labour leader Keir Starmer.

Throughout his tenure, Mr. Drakeford faced both praise and criticism for his handling of the COVID-19 pandemic. His approach contrasted with that of UK Prime Minister Boris Johnson's Conservative UK government. While he led Labour to success in the 2021 Senedd election, other policies such as the default 20mph speed limit, cancellation of major road-building schemes, and the failure to support calls for a Wales-only COVID-19 inquiry drew controversy.

Despite his resignation as first minister, Mr. Drakeford intends to remain a Member of the Senedd for Cardiff West until the next election in 2026. He expressed his commitment to the ongoing COVID-19 inquiry and stated, "I think I owe it to the families who will look to that inquiry to be still here."

Following the announcement, tributes poured in from various political figures. Chancellor Rishi Sunak and UK Labour leader Sir Keir Starmer commended Mr. Drakeford for his years of devoted public service. Plaid Cymru leader Rhun ap Iorwerth described Mr. Drakeford's resignation as marking "the end of a political era in Wales."

As Wales prepares for the selection of a new Welsh Labour leader, two front-runners have emerged, namely Economy Minister Vaughan Gething and Education Minister Jeremy Miles.

Mr. Drakeford's resignation comes just a week before the Welsh government is due to unveil its spending plans for the next year, which ministers have warned will be "extremely difficult." The announcement has left many in anticipation of the potential changes that a new leadership will bring to the Welsh political landscape.

The Covid inquiry, scheduled to hold hearings in Cardiff in February and March, will undoubtedly play a significant role in shaping discussions and decisions in the coming months. And as Mr. Drakeford's tenure comes to an end, his departure signifies both an end and a beginning for the future of Wales' political landscape.