Ed Miliband has quit as Labour leader after his hopes of entering No 10 were shattered in a dramatic night which saw David Cameron claim the scalps of his three main rivals.
Minutes before Mr Cameron went to Buckingham Palace to confirm his second term as Prime Minister at the head of a majority Conservative government, Mr Miliband told his supporters he was "truly sorry" he had been unable to lead them to victory.
"Britain needs a Labour Party that can rebuild after this defeat so that we can have a government that stands up for working people again," he said.
"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.
"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 announcement came after Liberal Democrat leader Nick Clegg and Ukip's Nigel Farage announced they were standing down in the wake of one of the biggest general election shocks since the Second World War.
Mr Cameron all but declared victory in a speech after being returned as MP for Witney, in which he set out his intention to press ahead with an in/out referendum on Britain's membership of the European Union and to build on the economic foundations laid by the coalition since 2010.
"My aim remains simple - to govern on the basis of governing for everyone in our United Kingdom," he said.
He made clear he was determined not to allow the rising tide of nationalism to lead to the break-up of the United Kingdom, saying: "I want to bring our country together, our United Kingdom together, not least by implementing as fast as we can the devolution that we rightly promised and came together with other parties to agree both for Wales and for Scotland.
"In short, I want my party, and I hope a Government I would like to lead, to reclaim a mantle that we should never have lost - the mantle of One Nation, One United Kingdom. That is how I will govern if I am fortunate enough to form a government in the coming days."
The Prime Minister smiled and waved as he entered No 10 with wife Samantha, but made no comment to waiting reporters.
With Tories far outperforming expectations in an election which had been forecast to be a neck-and-neck race, Mr Cameron may be able to govern without coalition partners, either at the head of a minority administration or with a wafer-thin overall majority.
The scene was set for a difficult few years for the Premier, who will be acutely vulnerable to rebellions by 30-40 Conservative backbenchers, who have already shown themselves ready to defy him on issues such as Europe and the family.
Liberal Democrats suffered painful reversals in what Mr Clegg termed a "cruel and punishing" night, with senior figures including Business Secretary Vince Cable, Treasury Chief Secretary Danny Alexander, Energy Secretary Ed Davey and justice minister Simon Hughes ejected from the Commons by voters.
Among a handful of Conservative losses was employment minister Esther McVey, who lost Wirral West to Labour by 417 votes. But Conservative chief whip Michael Gove said it appeared Mr Cameron had won "a very handsome victory", giving him "considerable authority" to "go forward with a secure and stable government in the national interest".
London mayor Boris Johnson swept back into Parliament as MP for Uxbridge and South Ruislip, saying that voters had "decisively rejected the old-fashioned and outdated policies of division" represented by Mr Miliband.
Ukip gained its first seat in a general election, but its majority in Clacton was significantly reduced from the by-election last year when Tory defector Douglas Carswell became its first elected MP. It missed out on targets in Thurrock, Castle Point and Great Grimsby.
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