Former business secretary, who plans to remain as an MP, refuses to name preferred successor

This article is more than 1 year old

This article is more than 1 year old

Sir Vince Cable has confirmed that he will stand down in May as leader of the Liberal Democrats, the UK’s fourth biggest parliamentary party.

The former business secretary is planning to remain as an MP and write books. It follows internal criticism for his lacklustre performance over Brexit, including a failure to turn up to a key vote last July.

Cable leaves the party during an apparent realignment of UK politics, particularly in the centre ground.

The formation of the Independent Group of MPs, involving both Conservative and Labour supporters of a second referendum, has led to speculation that they could form a coalition or pact with the Lib Dems.

It had been reported that Cable, 75, would step down this year, but this is the first time that he has given a date.

Explaining his decision, he told the Daily Mail his wife wanted to spend more time with him.

He refused to name his preferred successor, but former coalition minister Jo Swinson, former energy secretary Ed Davey and the party’s education spokeswoman Layla Moran have been spoken of as possible candidates.

“We’ve got several very good internal candidates – you can work out who they are. The worst thing I can do is to start promoting them,” he told the Mail.

In a statement he said: “It has been my great privilege to lead the Liberal Democrats at this crucial time. I inherited the leadership after two difficult and disappointing general elections. But I take pride in seeing the party recovering strongly, with last year’s local election results the best in 15 years, record membership and a central role in the People’s Vote campaign.”