The Icelandic prime minister has resigned following Panama leaks revelations

Sigmundur Davíð Gunnlaugsson will stay on as leader of the Progressive party. 

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Iceland's prime minister, Sigmundur Davíð Gunnlaugsson, has resigned following widespread protests in Iceland this week. 

The move comes after evidence included in the leaked "Panama Papers" from law firm Mossack Fonseca showed that Gunnlaugsson and his wife owned offshore firm Wintris.

Gunnlaugsson previously walked out of a TV interview with Icelandic network SVT when questioned about the firm. In what may be the largest protest in Iceland's history, crowds of up to 22,000 people (almost 7 per cent of the country's population) gathered outside the country's parliament yesterday and today, demanding his resignation. He refused to step down yesterday. 

The prime minister faced a vote of no confidence earlier today and attempted to dissolve parliament, before eventually announcing his resignation. He will continue to serve as head of Iceland's Progressive party, while minister of fisheries and agriculture, Sigurdur Ingi Johansson, will replace him as prime minister. 

You can read our primer on the Panama Papers revelations so far here

Barbara Speed is comment editor at the i, and was technology and digital culture writer at the New Statesman, and a staff writer at CityMetric.