Spain PM admits defeat ahead of no-confidence vote

Spanish Prime Minister Mariano Rajoy admitted defeat ahead of a no-confidence vote today saying it had been "an honour" to serve the country.

"The no-confidence motion is likely to go through, which means Mr. Pedro Sanchez will be the new prime minister," he told parliament.

The Socialist party leader, Rajoy's arch-rival who called for the vote, is poised to take over as prime minister.