Liberal Democrat leader Clegg announced he was stepping down after the party suffered a disastrous election, losing 47 seats in parliament.

The shock result is predicted to lead to Prime Minister David Cameron sweeping back to power, with his Conservative Party piling on votes and winning an unexpected outright majority.

Miliband is also tipped to resign later on Friday after the Labour Party haemorrhaged seats in its worst election result for almost 30 years. He even saw the departure of one of his closest allies, Shadow Chancellor Ed Balls, who failed to retain his place in parliament.

Cameron is expected to be formally announced as Prime Minister later on Friday once the predictions of an outright majority are confirmed.