Miliband was predicted to finish neck-and-neck with his rival David Cameron in the race for Downing Street, leading to a hung parliament, but in a shock result it appears the Labour Party has suffered its worst election defeat for almost 30 years.

The party was crushed at the polls, haemorrhaging seats and losing one of Miliband's closest allies, Shadow Chancellor Ed Balls, who failed to retain his place in parliament.

Prime Minister David Cameron appears to have won an unexpected majority and is due to meet with Queen Elizabeth II later on Friday (08May15) to formalise the election result, and ahead of the meeting, Miliband announced he has quit as Labour leader.

Looking shocked and tired, Miliband said he takes "absolute and total responsibility" for the defeat and has already spoken to Cameron to congratulate him.