Ed Miliband: quits as labour leader

First to go was Nick Clegg, leader of Liberal Democrats, which went into coalition with David Cameron’s Conservatives five years ago. But after what he called the catastrophic losses of his party, Clegg threw in the towel Friday.

The Lib-Dem that won 57 seats in the House of Commons in 2010, saw their numbers thinned to just eight, with party leader, Clegg, among a handful of survivors. He was able to win his Sheffield Harlam Constituency with a small margin of four percent over his Labour candidate rival, Oliver Coppard.

While Clegg survived, Energy Secretary Ed Davey, Business Secretary Vince Cable and Treasury Secretary Danny Alexander all lost their seats.Former schools secretary David Laws, former party leader Charles Kennedy and former deputy leader Simon Hughes all lost their seats.

Nick Clegg: resigns as leader of Lib-Dems

Mr Clegg said the results were “immeasurably more crushing” than he had feared, saying it had been a “huge honour” to lead the party.

In a speech in London, he confirmed a leadership election would now take place to replace him.

“It’s simply heartbreaking to see so many friends and colleagues who have served their constituents over so many years abruptly lose their seats because of forces entirely beyond their control,” he said.

Mr Clegg added that “fear and grievance have won, liberalism has lost”.

Leader of UK Independence Party, Nigel Farage has also resigned.

Farage really had no other option as he was unable to hold his seat in parliament, losing to Conservative candidate, Craig Mackinkay in his South Thanet constituency, a safe seat many analysts had thought.

Nigel Farage: also bows out

Although UKIP made a strong showing in plural votes, garnering over 5 million votes, about 13 per cent of the votes cast, emerging as the third most popular party, the votes did not translate into seats into parliament, prompting suggestions of a need to overhaul, the British electoral system.

Mr Farage said he would recommend Suzanne Evans, the deputy chairman, to be a stand-in leader until the leadership challenge is complete.

Ed Miliband, who led Labour Party to its most disastrous defeat in recent decades also resigned after noon, in a speech to party faithful in London.

Polls upon polls had shown Labour and the victorious Conservative Party running neck and neck, but the voters appeared to have been swayed by the Tories last minute campaign that a Labour victory would undermine some economic gains recorded under David Cameron.

The election saw Labour’s strength in the Commons, reduced from 258 seats to 230.