Howard: Will not fight next election

Michael Howard has announced that he is to stand down as Conservative leader following his party's defeat.

Saying he wanted to end prolonged debate about the future, Howard said it was best that he stood down "sooner rather than later".

"I did not achieve what I set out to achieve, but I hope that over the last 18 months I have at least given something back, not just for my party, but to my country," he said.

It was time to hand the party over to someone younger, said Howard.

"I am 63 years old. At the time of the next election in four or five years time I will be 67 or 68," he said. "I believe that is simply too old to lead a party into government.

"So as I can't fight the next election as leader of our party, I believe it is better for me to stand aside sooner rather than later so the party can choose someone who can."

Howard said he would remain in office until the party had been given the opportunity to determine whether to change the rules for the election of a new leader.

Repeat

The move comes amid fears that the election could result in another unpopular candidate being selected as leader, as happened with the selection of Iain Duncan Smith.

Speaking in Putney, a seat won by the Tories, Howard insisted that the Conservative Party was back in business after making gains from both Labour and the Liberal Democrats.

Just hours after Tony Blair recorded a third victory, Howard said he had stood up for the “forgotten majority” by fighting a positive campaign.

"Of course I am very sad we didn’t do better. Sad for our many candidates who came within a whisker of victory," he said.

"But today the Conservative Party can hold its head up high."

Listening

The Tory leader said his party has "got to keep listening, got to keep learning" as it continues its fightback.

Howard's resignation came amid criticism that the Tories' 'dog whistle' strategy could have undermined its bid in some marginals.

The decision will come as a blow to some Conservatives who had hoped he would stay as leader to stabilise the party following its third defeat.

His resignation will throw the party into a potentially bloody battle as contenders vie for the Tory crown.

Contenders

Shadow home secretary David Davis and party chairman Dr Liam Fox are tipped as possible runners in the leadership election.

Whilst Sir Malcolm Rifkind has been tipped by some, he appears to have stepped back as a possible contender.

Some senior Conservatives hope that William Hague can be persuaded to return to the frontline, although the former party leader has also signalled that he would be unwilling to return to the post.

Others have suggested that Tory young turks George Osbourne and David Cameron could be in line for the top job.

However both are considered to be too closely associated with the Howard campaign, while others question whether they have the necessary experience for the leadership.