UK elections: Ed Miliband concedes defeat, steps down as opposition leader

London: British opposition leader Ed Miliband announced his resignation as head of his centre-left Labour Party on Friday after a crushing defeat in a general election.

"It's time for someone else to take forward the interests of this party," said Miliband, who will remain in parliament, adding: "Britain needs a strong Labour Party... that can rebuild after this defeat."

Meanwhile, Nick Clegg resigned as leader of Britain's Liberal Democrats after a disastrous result for his party in the election. Clegg said he must take responsibility for the party's losses, which he described as much more crushing that he expected.

The Liberal Democrats, the Conservatives' junior coalition partner, lost most of the seats they held in Parliament. Many of their most senior and experienced politicians lost their seats.

Nigel Farage too resigned as leader of the populist U.K. Independence Party after failed to win a seat in the U.K. parliamentary election. Farage, who had earlier promised to resign if he lost, told activists "I'm a man of my word."

But he raised the prospect he would consider running again in the future.