Nick Clegg has quit as leader of the Liberal Democrats after a “cruel and punishing” election night.
Mr Clegg announced his resignation after saying that his the election results had been “immeasurably more crushing and unkind” than expected.
He said it had been “an honour” to serve the country as Deputy Prime Minister.
The announcement came after several party heavyweights were ousted from their seats in an “horrific” night for the Lib Dems.
The Chief Secretary to the Treasury Danny Alexander and Business Secretary Vince Cable were among the casualties.
They joined former party leader Charles Kennedy and former deputy leader Simon Hughes in losing their seats.
The Deputy Prime Minister retained his own seat but saw his colleagues toppled in a series of reverses that could see the Lib Dems reduced to single figures in the Commons.
A party source has described the Lib Dems’ performance in the General Election as “utterly horrific” and Mr Clegg said it was “cruel and punishing”.
Mr Cable had held the seat of Twickenham, Teddington and the Hamptons since 1997 and was made Business Secretary after the Lib Dems became coalition partners in 2010.
He was defeated by Conservative candidate Dr Tania Mathias, who claimed 25,580 votes to Mr Cable’s 23,563.
Mr Cable said the Liberal Democrats’ results across the country represent a “terrible night all over for our party”.
“The fact is we were hit by a very effective campaign based on people’s fears of a Labour government and the SNP,” he said.
“Unfortunately, it has been a terrible night all over for our party, but I’m absolutely certain we’ll bounce back locally and nationally.”
Mr Alexander was defeated by SNP candidate Drew Hendry in Inverness, Nairn, Badenoch and Strathspey.
He said he did not “regret” going into coalition with the Conservatives but conceded the party had paid a price.
Mr Hendry secured 28,838 votes, around 10,000 more than his Liberal Democrat rival.
Mr Kennedy also lost his seat of Ross, Skye and Lochaber to the SNP, while Mr Hughes lost the constituency of Bermondsey and Old Southwark, which he had held for 32 years.
Other high-profile defeats saw Energy Secretary Ed Davey ousted in the seat of Kingston and Surbiton, and former Minister of State for the Home Office Lynne Featherstone lost in Hornsey and Wood Green.
Liberal Democrat Employment Minister Jo Swinson lost her seat of Dunbartonshire East to the SNP candidate John Nicolson, while Norman Baker lost in Lewes.
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Source: Sky News