Ed Miliband resigns: Labour leader quits after humiliating night for party that gives the Conservatives an overall majority
Andy Burnham, Chuka Umunna and Yvette Cooper leading contenders to succeed him
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Your support makes all the difference.Ed Miliband has bowed to the inevitable and resigned as leader of the Labour Party.
Following a disastrous election result, Mr Miliband told an audience at Labour HQ that he took "absolute responsibility" for Labour's failure and would stand down as leader.
To cheers from those assembled inside the party's headquarters, he said: "We've come back before, and this party will come back again."
It is understood that Mr Miliband ruled out calls from some within the party to remain as a caretaker leader for a few months in favour of an immediate leadership election.
His last duty as Labour leader will be to represent the party at VE Day commemorations later today, after which he will officially stand down.
Bookmakers have made the Shadow Health Secretary Andy Burnham 7/4 favourite to succeed him - but only just ahead of Yvette Cooper and Chuka Umunna.
Unlike Mr Miliband, the new leader will be elected under a one-member, one-vote system lessening the influence of trade unions and members of parliament in deciding who wins.
The election is likely to turn into an ideological battle between those on the left who believe that Labour’s policies were right but Mr Miliband was the problem and those who want to return Labour to the centre ground it occupied under Tony Blair.
Mr Burnham will be the champion of the party's centre-left while Mr Umunna could become the figure head for its moderates.
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