Clegg Quits As Lib Dems Annihilated

Nick Clegg has dramatically quit as Liberal Democrat leader after seeing his party annihilated at the polls as David Cameron claimed the scalps of three of his rival party leaders.

As his erstwhile coalition partner prepared to head to Buckingham Palace to confirm his second term as Prime Minister, at the head of a majority Conservative government, Mr Clegg said the Lib Dems had suffered a "catastrophic'' defeat in the General Election.

"Clearly the results have been immeasurably more crushing and unkind than I could ever have feared. For that I must take responsibility and therefore I announce that I will be resigning as leader of the Liberal Democrats.''

His departure is expected to be followed in short order by Ed Miliband, who saw his dream of gaining No 10 shattered on a devastating night for Labour with shadow chancellor Ed Balls heading a list of high-profile casualties.

The Labour leader wrote on his Twitter account:

"The responsibility for the result is mine alone.''

It was a bitter night also for Nigel Farage, who announced he was quitting as Ukip leader after failing in his bid to secure a Westminster seat in South Thanet - although he said he would consider standing for the post again in September.

Mr Clegg's resignation became inevitable after the Lib Dems' tally of MPs was reduced from 56 to a rump of just eight, with Business Secretary Vince Cable, Treasury Chief Secretary Danny Alexander, and Energy Secretary Ed Davey among the fallers.