As the true extent of the Conservative defeat became apparent with the publication of exit polls, senior Tories initially refused to be bounced in to an immediate leadership struggle.

Speaking before William Hague announced he was standing down as leader, Michael Portillo argued that the party should "draw breath" and Ann Widdecombe described William Hague as a "staying leader".

"If we have gone down to a bad defeat everyone should draw breath, see what lessons should be drawn. We should talk among ourselves. I don't think anyone should take precipitate action," said Portillo.

Ann Widdecombe praised Hague's campaign and said he had brought the Tories forward since 1997.

"As far as I am concerned William has been a strong leader. He is a staying leader," she said.

Lord Tebbit also backed Hague, arguing that he should not quit "either now or tomorrow morning".

In a long, grim night for the Conservatives, Hague lost his number one target seat in Torbay and in Eastwood, a main target in Scotland, the Labour majority was almost trebled.

European Commissioner, Chris Patten, will attack Hague for moving off the centre ground of British politics and his decision to harden policy on the euro on Radio 4 today.

The Sun speculates on the Tory leadership by asking "Willie go or Willie stay?" whilst considering what were the causes of the party's heavy defeat.

A source close to William Hague is alleged to have said on the euro: "there is no deal, no change, no U-turn. We fought a brilliant campaign, the best since 1983."