London: Nick Clegg on Friday resigned as the Liberal Democrats (Lib-Dems) leader after the party fared poorly in the general elections, with its tally down to eight from 57 in the previous house.

Clegg, also Britain's Deputy Prime Minister since 2010, served as the Lib Dem leader since 2007 and a member of parliament (MP) representing Sheffield Hallam constituency since 2005.

The Lib-Dems are set to end up with just eight MPs, down from 57 in 2010, BBC reported.

Energy Secretary Ed Davey, Business Secretary Vince Cable and Treasury Secretary Danny
Alexander all lost their seats.

Clegg said the results were "immeasurably more crushing" than he had feared, saying it had been a "huge honour" to lead the party.

In a speech in London, he confirmed a leadership election would now take place to replace him.

"It's simply heartbreaking to see so many friends and colleagues who have served their constituents over so many years abruptly lose their seats because of forces entirely beyond their control," he said.

Clegg added that "fear and grievance have won, liberalism has lost".

Other senior Lib Dems to fall are Schools secretary David Laws, former party leader Charles Kennedy and former deputy leader Simon Hughes.

Similarly, UK Independence Party (UKIP) leader Nigel Garage also resigned after his party won only one seat in the elections.