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Liberal Democrat leader resigns Liberal Democrat leader resigns
(10 minutes later)
Sir Menzies Campbell has resigned as leader of the Liberal Democrats, "with immediate effect".Sir Menzies Campbell has resigned as leader of the Liberal Democrats, "with immediate effect".
Senior Lib Dems Vincent Cable and Simon Hughes made the announcement, saying the party owed Sir Menzies "a huge debt of gratitude".Senior Lib Dems Vincent Cable and Simon Hughes made the announcement, saying the party owed Sir Menzies "a huge debt of gratitude".
Deputy leader Mr Cable will take over as acting leader for now - a leadership timetable will be announced on Tuesday. Mr Hughes said Sir Menzies had taken the decision in the "interests of the party and of Liberal Democracy". Deputy leader Mr Cable will take over as acting leader for now - a leadership timetable will be announced on Tuesday.
Sir Menzies took over as leader after Charles Kennedy quit in January 2006. Mr Hughes said Sir Menzies had taken the decision in the "interests of the party and of Liberal Democracy".
Sir Menzies was not present when the announcement was made and both Mr Cable and Lib Dem president Mr Hughes said they would not be answering any questions.
The BBC understands that, in a private meeting with Lib Dem members, Sir Menzies said that he did not believe he could turn around his and the party's current poor poll ratings.
He indicated that now it was clear that there would be no election for many months he wanted to give his successor time to bed in before the election.
Mr Hughes said Sir Menzies had brought "purpose and stability" to the party since he took over as leader, after Charles Kennedy quit in January 2006.
He added that he had put in place the preparations for the next general election "whenever it comes".
Speculation has been growing about the Lib Dem leadership, particularly since Prime Minister Gordon Brown decided not to call an early general election - and indicated he may not do so until 2009 at the earliest.