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Jo Swinson and Layla Moran were today named as favourites to take over as leader of the Liberal Democrats, meaning every major UK party except Labour could be led by a woman.

It comes after Sir Vince Cable, 75, announced that he will stand down in May after almost two years in the job.

Although they have yet to publicly declare, deputy leader Ms Swinson, pictured, and education spokeswoman Ms Moran were today being backed by party insiders as favourites to step into the role.

Former environment secretary Sir Ed Davey is also expected to stand, but one source said: “Many feel it is time for a woman leader.”

Another added: “Ed Davey is the most organised — he’s been planning for a while — but it’s really a two-horse race between Swinson and Layla.”

The Conservatives, Scottish National Party and the Democratic Unionist Party all have female leaders. Sian Berry is co-leader of the Green Party. Labour has faced criticism for having never had a female leader. Plaid Cymru’s leader Leanne Wood was replaced last autumn. In his resignation letter Sir Vince told party members: “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.”

At the party’s spring conference this weekend in York members will decide whether to overhaul leadership rules to broaden the appeal of the party, which has 11 MPs in Parliament compared with its peak of 57 in 2010.

Last night former Liberal leader Lord Steel was suspended from the party, pending an investigation into evidence that he gave to an inquiry about child abuse allegations against the late Liberal MP Sir Cyril Smith. He told the inquiry a conversation with Smith left him “assuming” the allegations that he had abused boys at a Rochdale hostel in the Sixties were correct, but the party did not investigate them.