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Nick Clegg has quit as Lib Dem leader with a heart-rending attack on the forces of 'fear and grievance' that have left Britain in 'grave jeopardy'.

He looked close to tears as he told party activists the rise of Ukip and the SNP meant 'liberalism has lost'.

"The politics of nationalism, of identity, of Us vs Them is now on the rise," he declared.

"This is a very dark hour."

The Liberal Democrats won just eight seats - the fewest in their history - as voters took a stinging revenge for Clegg's betrayal of the pledge to axe tuition fees.

Follow all the latest reaction to the general election results in our live blog

(Image: Reuters)

But Clegg was defiant, telling activists he'd be judged kindly in the history books for saving the country at a time of crisis.

A visibly choked and emotional Mr Clegg said: "Clearly the results have been immeasurably more crushing and unkind than I could ever have feared.

"For that I must take full responsibility and therefore I announce I will be resigning as leader of the Liberal Democrats.

"For the last seven years it's been a privilege and unlimited honour to lead a party of the most resilient, courageous and remarkable people.

"The Liberal Democrats are a family. I want to thank every member, every campaigner, every councillor and every parliamentarian.

(Image: Sky News)

"It is simply heartbreaking to see so many friends and colleagues who've served their constituencies so diligently over the years abruptly lose their seats due to forces beyond their control."

Clegg kept his Sheffield Hallam seat after winning Tory tactical votes but lost all his key henchmen - including David Laws, Vince Cable, Simon Hughes and Danny Alexander.

He claimed the results were 'part payment' for 'every family who's more secure because of jobs we helped create' and 'every gay couple who know that their love is worth no less than anyone else's'.

"Now I hope at least our losses can be endured with a little selfless dignity too," he added.

"We will never know how many lives we changed for the better because we had the courage to step up at a time of crisis.

"But we have done something that can never be undone.

"We leave Britain a stronger, fairer and more liberal country than it was five years ago.

"I think the history books will judge our country kindly for the service we sought to provide to the nation.

(Image: Getty)

"To have served my country at a time of crisis is an honour that will stay with me forever.

"It is of course too early to give a considered account of why we have suffered the catastrophic losses we have and the party will have to reflect on these.

"But one thing to me seems clear.

"Liberalism here and across Europe is not faring well against the politics of fear.

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"Years of social hardship since the crash of 2008... have led people to reach for new certainties.

"The politics of nationalism, of identity, of Us vs Them is now on the rise.

"This now brings our country to a very perilous point in our history where grievance and fear combine to drive our different communities apart.

"I hope our leaders across the UK realise the disastrous consequences for our way of life and the integrity of the UK if they continue to appeal to grievance and fear rather than hope.

"Britain's place in the world and the continued existence of the United Kingdom itself are now in grave jeopardy.

"Fear and grievance have won. Liberalism has lost. But it is more precious than ever and we must keep fighting for it.

"That is both the great challenge and the great cause that my successor will have to face.

"On the morning of the most crushing blow to the Liberal Democrats since our party was founded it's easy to imagine there is no road back. But there is.

"This is a very dark hour for our party but we cannot, we will not allow decent liberal values to be extinguished overnight.

"Our party will come back."