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UK election: Ed Miliband and Nick Clegg resign

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o-CAMERON-CLEGG-MILIBAND-facebookEd Miliband is stepping down as Labour leader after his party's disappointing general election showing.

Labour suffered heavy losses at the hands of the SNP, with the Tories forecast to achieve a majority.

In a speech in London, Mr Miliband said it was "time for someone else" to take over the leadership and that he was "truly sorry" he did not succeed.

Shadow chancellor Ed Balls was among the party's big-name casualties.

It also lost its election campaign chief Douglas Alexander and its leader in Scotland Jim Murphy.

Miliband was applauded by staff as he arrived at Labour headquarters in central London.He confirmed deputy leader Harriet Harman would be interim leader, and that he would step down after the VE Day commemorations later on Friday.

"I joined this party aged 17," he said. "I never dreamed I'd lead it."

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Miliband said he had done his best for five years, and that it was "not simply leadership that achieves change".

"I will never give up on fighting for the Britain that I believe in," he said.

He urged supporters not to "mourn" the defeat.

"We have come back before and this party will come back again," he added.

Speaking earlier after retaining his Doncaster North seat, Miliband said his party had been overwhelmed by a "surge of nationalism".

On the other hand, Liberal Democrat leader Nick Clegg's political journey saw him win a bitter Liberal Democrat leadership battle, rise to become deputy prime minister, and face furious criticism over his U-turn on tuition fees.

But despite retaining his own parliamentary seat in 2015, he has resigned as Lib Dem leader after disastrous election results saw the party crushed at the polls.

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