Jeremy Corbyn has said he will not lead Labour into the next election campaign as he described the general election result as “very disappointing”.
The Islington North MP, who was comfortably re-elected, nevertheless announced he would stand down as leader after a “period of reflection”.
In a humiliating night for Labour, the party has found support in its heartlands in the north of England and the midlands crumble.
The Conservatives are on course for its biggest majority since the Thatcher era, while Labour heads for its worst result since 1935.Exit poll: Tories heading for biggest majority since Thatcher
Corbyn ran as an outside candidate for the party leadership in 2015 and managed to outlast two Tory prime ministers.
He has vowed to remain as MP for Islington North.
Corbyn added: “I’m proud in parliament and outside that we will forever continue the cause for socialism, for social justice and for a society based on the needs of all rather than the greed of a few.
“That is what makes our party what it is and I’m very proud of the achievements of our party and the development of its manifesto and its ideas.
“I tell you what, those ideas and those principles are eternal and they will be there for all time.”