Labour leader Ed Miliband has resigned after the party’s poor performance in the general election which culminated in a Scottish wipeout and an English shift towards Conservative.
It follows Liberal Democrat head Nick Clegg’s resignation after its former coalition partner cannabilised Lib dem seats, and Ukip leader Nigel Farage's failure to secure South Thanet.
On the back of the Conservatives establishing the slimmest of majority governments, Miliband took “absolute and total responsibility” for the result which saw Labour's Ed Balls, Douglas Alexander and Jim Murphy unseated.
He said: “Britain needs a strong Labour Party, Britain needs a Labour Party that can rebuild after this debate so we can have a government that stands up for working people again.
"And now it is time for someone else to take forward the leadership of this party. So I am tendering my resignation, taking effect after this afternoon's commemoration of VE Day at the Cenotaph.”
He concluded: "I want to do so straight away because the party needs to have an open and honest debate about the right way forward, without constraint."
His decision to stand down immediately sparked a Labour leadership debate.
Harriet Harman will take the lead in the interim, with the leadership contest likely to comprise shadow business secretary, Chuka Umunna, the shadow health secretary, Andy Burnham, the shadow health minister, Liz Kendall, and the shadow justice minister, Dan Jarvis.
Miliband thanked Labour campaigners and his faithful Milifandom who lit up social media with their enthused posts for their support.
In South Thanet on the other hand, Ukip's defeated Nigel Farage said he could “feel an enormous weight lifted from [his] shoulders,” adding he "has never felt happier”.
On resigning as head of the Liberal Democrats, Nick Clegg stated: “It is simply been heartbreaking to see so many friends and colleagues who have served their constituents so diligently, over so many years, abruptly lose their seats.
"The results have been immeasurably more crushing and unkind than I could ever have imagined. For that of course I must take responsibility."
For the post-election views of the top ad agency chiefs, hit the link.