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Sir Menzies Campbell abruptly resigned as Liberal Democrat leader tonight in the face of mounting criticism of his leadership.
His departure, only 18 months after he took over from Charles Kennedy, was announced tonight by Simon Hughes, the party president, who said that the 66-year-old Scot had decided to step down "in the interests" of his party.
It opens up the leadership to a younger candidate with Nick Clegg, the home affairs spokesman, or Chris Huhne, the environment spokesman, the obvious candidates to lead the party towards the next election.
Speaking to reporters outside Lib Dem headquarters, Mr Hughes said: "Ming Campbell has this evening submitted his resignation as leader of the Liberal Democrats with immediate effect."
He said that Sir Menzies had brought "huge purpose and stability" to the party and helped make the party more professional.
He added: "Throughout all his political life Ming has taken all his decisions, and this decision is one of them, in the interests of our party and of Liberal Democracy throughout Great Britain. Every Liberal Democrat and many other people who owe him a great debt of gratitude."
Vince Cable, the deputy leader, takes over as interim leader with immediate effect. The timetable for the election of a new leader will be announced tomorrow.
Mr Cable told reporters that Sir Menzies had "earned the gratitude, respect and affection of our party".
Sir Menzies did not attend his own resignation announcement but later released the text of his resignation letter.
He wrote: “When I was elected Leader of the Party in March 2006 I had three objectives. First, to restore stability and purpose in the party following my predecessor’s resignation and the leadership campaign itself, second to make the internal operations of the party more professional and third to prepare the party for a General Election.
"With the help of others, I believe that I have fulfilled these objectives, although I am convinced that the internal structures of the party need radical revision if we are to compete effectively against Labour and the Conservatives.
"But it has become clear that following the Prime Minister’s decision not to hold an election, questions about leadership are getting in the way of further progress by the party.

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Everyone knows most people vote like football fans - "right or wrong my party". In order to bring such creatures of habbit to vote for an outsider party, it usually takes a blunder of historic proportions from the big, more conventional parties. The illegal decision to invade Iraq WAS such a blunder. The LibDems failed to take full advantage, however, thereby missing a once-in-a-lifetime opportunity to become the majority party. The only thing they had to do was stand up and be counted for Law & Morality. Ming however never did that; the only thing he ever showed passionate about was holding on to his position, and the trappings of power that accompanied it.
I think, in the fullness of time, Churchill's famous comment about the Anzio landings applies to Ming's reign of the LibDems admirably: "I thought we were unleashing a lion against Rome; all we got instead was a beached whale!"
Roel, Leuven, Belgium
I liked him and thought he was honest ; a stright talker rather than a spinner; a thinker rather than a schemer, polite and gentlemanly rather than dictatorial and arrogant. He also seemed like he had a heart rather than just a pump. British politics will be worse without him.
jane, oxford, uk
David Laws for leader
Jonny, London, UK
Fair comment from Peter Riddell.
For judgement, vision and integrity Sir Ming would have my vote every time.
Unfortunately he was the victim of ageism right from the start and, as Daniel Finkelstein pointed out several days ago, the pressure was never going to go away.
When we are all crying out for politicians of substance, why are we such avid followers of the cult of youth ?
M Cole, London,
To think we could now have been starting an election run-up and one party would be lying through their teeth saying they were benind ming. I see another party who should have the courage to do the same; and get rid of Dave now before it's too late. Before you respond, there were plenty of snipings before the conferences and they will go on and on. And now we know their sums don't add up, they're going to have to try a bit harder to beat the old fox whose ben at the Treasury long enough to see Osborne off too. There is only one certain Party Leader going into the next Election and it is NOT Dave.
Jim Tomlinson, S, UK
Chris Smith, what absolute rubbish to suggest the Tories are now at risk from a new younger Lib-Dem leader, it's not just the 'young & charismatic' bit that the Tories are getting votes for, it's policies, as evidenced by Labour's hijacking of them, the Lib-Dems in comparison are nowhere.
The centre ground has been eaten up by Labour and the Conservatives over the years, no matter who they elect as leader just remember there are only 3 things certain in life; Death, Taxes, and the fact that the Lib-Dems will NOT form the next Government, or the one after that, or the one after that, ad infinitum...
John Kench, Charlotte, NC, USA (Ex-UK)
as politics now has no angry people either in the opposition parties or behind the front bench and as the research by them all on this absurd goverment is none exsistent it doesnt matter who leads the liberals.
rod smith, worsley, england
No one seems to have mentioned David Laws yet? He's far better than Clegg or Huhne put together.
james, London,
I cannot understand why the Liberals voted for someone with no hair!! The Tories found that out ten yars ago.
Chris Kay, Swindon, UK
The LibDems are going down the drain no matter who their leader is.
The reason for that is simple: there is no over-riding reason for them to exist.
Being less left than Labour and less right than the Tories leaves one a sliver of the vote that will always and only be a sliver of the vote.
Ming isn't the problem. The problem is that the LibDems are attempting to answer a question no one asked.
Jim, Milwaukee, USA
Bring back Charlie....
Steven, Southend, UK
Well, well the Ming Dynasty is finally over. If only our current Prime Minister had half as much courage. Pity the NHS don't do backbone replacement ops. If he signs up for one today he may just get it in time before the next election is due.
Frank Chabon, Ruislip, UK
That's another ghastly so called 'leader' down the pan - We need intelligent people to run our Country - NOT 'Arrivistes' who try to impose their ideals and ideas on this finacialy 'raped' Country. Just run the Schools, the NHS, the Police and the Public service sector in a responsible way.................................................please ! DS Cannes
David Smith, Cannes, France
I am absolutely gutted. I think that Sir Ming has suffered from a lot of unfair criticism, and that he was the right person to lead the Lib Dems onwards. I wish him well for the future.
Raf Nicholson, Oxford, UK
Menzies is the brightest spark in the LD's, that says nothing for the rest. Anyone who has not seen the writing on the wall by now deserves to be a LD, they will never form a government, but it's a good job having all the perks and knowing that you will never have to stand up and be counted, say anything you like without having to actually do it or be accountable. Thats LD. Agnostic is similar.
Dave Madley, Alicante, Spain
The Lib Dems are here to stay, the Conservatives should worry if we have a southern Lib Dem MP as our new leader, the Conservatives have to put up with Cameron, many Conservative voters i know hate him, and they will be voting UKIP in protest, and with a New Lib Dem leader, the Conservatives I feel have fired their guns, also you have to consider the Pro-Euro Conservatives in the party. I have heard from London that there could be a Tory Defection from the South if Huhne is the new leader, bring it on.
Chris Williams-Smith
Chris Smith, Christchurch,
So ends the Ming Dynasty!
Neil, Gloucestershire, England
inevitable. there was just too much concentration on his age.
Phil Barnes, preston, england
Sir Menzies has been an outstanding leader for the Lib Dems,
he has taken the party as forward as possible and perhaps it is time for the Lib Dems to have an election and choose their respective leader.
His position on foreign policy has been consistent throughout and equally has brought gravitas in his speeches but wisdom as well as intellect before Parliament.
Sincere best wishes for the future to his family and him.
The Director, LONDON, England
Ahmad, you know what the Tories stand for!? Any chance you could tell the rest of us then.
The Lib Dems policies are often very well thought out, why do you think they always get stolen (and sadly corrupted) by the other parties?
Tony, Oxford, UK
Why arent seasoned and respected Lib Dem figures such as Simon Hughes and Alan Beith now mentioned as candidates for the leadership? Why, since Blair, is youth the overiding requirement? Surely he was warning enough?
Bob T, London, UK
David Cameron's problem. This will make the LibDem/ Con negotiations much harder after the election.
The Conservatives are pragmatic in their pursuit of power but after today's events the LibDem have claims again on the title the Nasty Party, so unfairly bestowed on the Tories by Ms May.
More gentlemen and women are needed in politics to restore the public's trust. The LibDems have just sacked one of the greatest gentlemen.
Christopher Gillibrand, Brussels, Belgium in exile
David Laws is not mentioned in connection with the Lib Dem leadership but he probably made the best speech at the party conference.
Laws spoke without notes and made an excellent impression, whereas Nick Clegg was bent forward looking at his notes nearly the whole time. He lost my attention frequently while David Laws held it the whole time and made me want to see and hear more of him.
Bertie Johnston, Overijse, Belgium
The Libdems can make all the statements they like. Lets face facts they will never form a government !!!
Mark, Maidstone, U.K.
He came across as an old fogey. He is only 10 years senior to Gordon Brown but chooses to speak like a man a century older. Hanging on the archaic pronounciation of his name - however correct - just emphasised it. The LibDems own Sir Alec Douglas Home (of course, not pronounced as written either). .
C Rance , reading, berkshire
Well, I think the libdem peer is spot on. I would never vote LibDems with Ming in charge. But I like Nick Clegg although I don't trust the Libdems and most of their policies. The Tories are now serious contenders for winning the next election and at least I know what they stand for, and I think they would run the country better than Labour.
Ahmad, Tunbridge Wells, UK
Ha ha ha ha
Grampa Simpson....
Pete Balchin, Solicitor , Bristol, UK