Spanish PM: 'This is the best moment for change'

Spain's Prime Minister, Mariano Rajoy, has said now is "the best moment for change", following the decision of King Juan Carlos I to hand over the throne to his son, Crown Prince Felipe.

Addressing reporters this morning, Mr Rajoy said: "His majesty, King Juan Carlos, has just communicated to me his will to give up the throne. I'm convinced this is the best moment for change."

Mr Rajoy said the surprise decision was due to personal reasons.

Read: King of Spain Juan Carlos I to abdicate

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Spanish government to discuss King's abdication

The Spanish cabinet will discuss King Juan Carlos' abdication later today. Large anti-monarchist protests sprang up overnight across the country.