British Prime Minister Gordon Brown has said he is stepping down as Labour Party leader.
Brown said he wanted a successor to be in place by the time of the party's conference in September.
"I have no desire to stay in my position longer than is needed to ensure the path to economic growth is ensured and the process of political reform we have agreed [on] moves forward quickly," Brown said.
He announced his intention to quit in a statement in Downing Street in which he also said his party was to start formal talks with the Liberal Democrats.
"As leader of my party, I must accept that that [the election result] is a judgment on me," Brown said.
The Conservatives won the most seats and most votes in the election and have been in talks with the Liberal Democrats.
Liberal Democrat leader Nick Clegg said Brown's decision to stand down is an "important element" in negotiations on a possible power-sharing deal.
Also today, Britain's Conservatives offered a referendum on electoral reform, a key demand of the Liberal Democrats.
Compiled from agency reports