Farewell: Hague quits

William Hague has announced that he is to stand down as leader of the Conservative Party, a decision he had taken some time ago according to party chairman Michael Ancram.

Speaking outside Conservative Central Office on Friday evening, Ancram revealed that Hague had decided "some time ago" to quit as leader if there was not a "significant improvement" in the Tory position.

Ancram called Hague's decision "brave and courageous" and confirmed to journalists that it was "not taken in the last 24 hours".

Earlier in the day, armed with a seven page resignation statement and flanked by his wife Ffion and his chief of staff Sebastian Coe, the Tory leader had said he would resign as soon as a successor was elected.

In reflective mood, he said: "I wish I could have led you to victory."

Speaking outside Party HQ, Hague said that "no individual is more important than their party".

Following the Conservatives' crushing defeat on Thursday, Hague said he had failed to persuade enough voters that he had what it takes to become prime minister.

He said it was now time for the party to choose a leader who could build on the Tories' successes over the past four years.

Hague said that some colleagues had urged him to stay on, but said it was "vital for leaders to listen and parties to change".

The leadership election cannot technically be kicked-off until a new chairman of the backbench 1922 Committee of Conservative MPs has been elected.

He admitted that it may take "some weeks" before the party could hold a leadership election but said he believed the party must have a new leader "in time for the party conference" in October.

Last night the shadow cabinet lined up behind Hague, but the scale of the defeat made it near impossible for him to carry on.

Those tipped as possible successors include Michael Portillo, Ann Widdecombe, Iain Duncan Smith, Francis Maude and David Davis.

Ladbrokes have already opened their books for the Tory leadership contest. Portillo is odds-on favourite at 4-5. Duncan Smith stands at 4-1 with former chancellor Kenneth Clarke just behind at 5-1.

Additional prices on the Tory leadership include David Davis at 6-1, Andrew Lansley at 10-1, Francis Maude at 12-1 and Ann Widdecombe at 14-1.

Anticipating a possible comeback by the former premier, Ladbrokes are offering odds of 250-1 on Lady Thatcher returning to the helm of the Tory party.