Ed Miliband is stepping down as Labour leader after his party’s disappointing general election showing, BBC reports.
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.
Mr 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.”