Sir Keir Starmer Under, Fresh...
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No best answer has yet been selected by gemmabe. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.It's not going to be easy, because at the end of your speech, you are still saying 'No'.
Best to start with how much you care for him, and how honoured you are by his proposal, but that you are not ready for marriage yet, and you hope he will still care about you, and you can still be close to each other.
This avoids making him feel totally rejected, because you have said how honoured you are, it also makes him feel that it's marriage you are not ready for, rather than being married to him, and if you can still be close, he knows you aren't totally horrified by his asking.
If the relationship dies a natrual death after this, and it may well, at least you have been as kind as you can - something he can look back on when the pain has faded. Good luck.