Wallace: Stepping down

Scotland's Liberal Democrat deputy first minister has announced his resignation from the devolved government.

Jim Wallace said he would stand down from the Scottish Executive and will leave the Scottish parliament at the next general election.

Widely seen as the most powerful Lib Dem in the country, Wallace will be succeeded by a fellow MSP.

Those tipped to take over as Scottish Lib Dem leader include Nicol Stephen, the transport minister, Tavish Scott, the deputy minister for finance and public services and MSP Mike Rumbles.

Speaking on Monday Wallace, a former Westminster MP, said it was "the right time to move on".

"After 13 years as leader, during which the party has made sustained progress culminating in Thursday's historic result, I believe this is the right time to move on," he said.

"And with two years to go until the next Scottish parliament elections, it will give my successor time to establish their leadership."

A spokesman for the Scottish Liberal Democrats said an election would be held "in the next couple of months".