Michael Howard today announced he will stand down as Conservative leader "sooner rather than later" following Tony Blair's general election victory.
Mr Howard told supporters he had failed to deliver the election victory for the Tories for which he had been working.
He said it was in the interests of his party and the country that he should step aside and make way for a new Opposition leader. But Mr Howard made clear that he will not be relinquishing his position immediately.
Speaking to supporters in London, Mr Howard said there was widespread dissatisfaction with the existing rules on choosing a leader. He urged the party to reconsider them, and until then, he would remain in the post.
With the bulk of results now in, Labour appear on course for a Commons majority over all other parties of 66 - down from 161.
Mr Howard argued that the result, the Tories have so far recorded a net gain of 37 seats, was a positive one for the party. "Today the Conservative party can hold its head up high. We have begun the process of rebuilding our party," he said.
Shortly before Mr Howard made his announcement, Mr Blair set out his priorities for the historic third successive Labour Government during an address in Downing Street.