US House Speaker plans to retire

US House Speaker Paul Ryan has announced he will not run for re-election and will retire next year, injecting another layer of uncertainty as Republicans face worries over losing their majority in the autumn.

The Wisconsin Republican cast the decision as a personal one, saying he did not want his children growing up with a “weekend dad”.

He told reporters he believes he is leaving with strong accomplishments his party can sell to voters ahead of November elections.

“I have given this job everything I have,” he said. “We’re going to have a great record to run on.”

Mr Ryan’s plans have been the source of much speculation and will set off a scramble among his lieutenants to take the helm.

A self-styled budget guru, Mr Ryan had made tax cuts a centrepiece of his legislative agenda and a personal cause. Mr Ryan, 48, first announced his plans at a closed-door meeting of House Republicans yesterday morning.