BRITAIN:Britain's Liberal Democrats are seeking their third leader in less than two years following Menzies Campbell's decision to quit with immediate effect.
Party treasury spokesman Vince Cable was installed as acting leader last night after "Sir Ming" (66) reportedly told a party gathering in London he had concluded he could not reverse his or the party's falling poll ratings for a general election, now thought unlikely to be held before 2009.
Party fundraiser Lord Razall confirmed the instant impression of Sir Menzies as the first casualty of prime minister Gordon Brown's decision not to hold an autumn poll - insisting that he had gone "of his own volition", while naming Mr Brown as the man responsible.
Other senior party figures also sought to ensure a dignified exit for the departing leader, praising his role in rallying and reforming the party after the enforced resignation of Charles Kennedy, while presenting his decision to make way for a younger leader now as characteristically also "in the interests" of the party.
However, Sir Menzies was also reportedly upset, and his failure to appear before the cameras to announce his decision fuelled Westminster speculation that he had been "knifed" by senior colleagues alarmed at poll ratings as low as 11 per cent coinciding with David Cameron's revival of the Conservative Party's fortunes.
The bookmakers, meanwhile, swiftly installed home affairs spokesman Nick Clegg as the 4/5 favourite for the succession, with environment spokesman Chris Huhne at 3/1, party president Simon Hughes at 12/1 and former leader Mr Kennedy at 16/1.
Details of the timetable for the contest will be announced later today, with Mr Cable appearing in Sir Menzies's place for prime minister's questions in the Commons tomorrow.
Mr Cable appeared alongside Mr Hughes to announce their leader's resignation. Mr Hughes - who said recently that Sir Menzies would have to raise his game - said: "Over the past two years Ming has given stability and purpose to our party. He has led the professionalisation of the party and led the very successful preparations for the next general election whenever it comes."
He continued: "Throughout all his political life Ming has taken all his decisions - and this decision is one of them - in the interests of our party and of liberal democracy throughout Britain, and every Liberal Democrat and many others owe him a huge debt of gratitude."
Many Lib Dem MPs had feared Sir Ming's friendly personal relationship with the prime minister was a potential electoral handicap, and the leadership contest will almost certainly be accompanied by renewed debate as to how the party should position itself between a resurgent Conservative Party and a Labour government also under new leadership.
Notwithstanding Sir Menzies's fierce opposition to the Iraq war, Mr Brown in a statement last night said he was "a man of great stature and integrity" whose contribution on foreign policy and international affairs "is valued throughout the world".
Mr Kennedy, who was forced from office after admitting an alcohol problem, said: "I am sorry that things have ended up for Ming in this way, but know the gratitude felt towards him within the party."