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Jeremy Corbyn has announced he will stand down as Labour leader amid an election horror show for the party.

Mr Corbyn, whose party suffered a mammoth defeat by the Tories, has said he will not lead Labour into another election campaign.

The Islington North MP made the announcement on his future in a speech after his Islington North constituency was declared.

He said: "I will not lead the party in any future general election campaign."

Mr Corbyn has said he will continue to lead the party during a "period of reflection" as Labour decides the direction it should take next.

"I will discuss with our prty to ensure there is a process now of reflection on this result and on the policies that the party will take going forward," he said.

“And I will lead the party during that period to ensure that discussion takes place and we move on into the future.”

General Election Night: December 2019 - In pictures 45 show all General Election Night: December 2019 - In pictures 1/45 Prime Minister Boris Johnson and his partner Carrie Symonds enter Downing Street as the Conservatives celebrate a sweeping election victory Jeremy Selwyn 2/45 Prime Minister Boris Johnson with partner Carrie Symonds and dog Dilyn at the count for the Uxbridge & Ruislip South constituency in the 2019 General Election PA 3/45 First Minister Nicola Sturgeon celebrates with supporters at the SEC Centre in Glasgow PA 4/45 Lib Dem leader Jo Swinson reacts as she loses her East Dumbartonshire constituency, during the count at the Leisuredome, Bishopbriggs PA 5/45 Labour leader Jeremy Corbyn speaks after the results was given at Sobell Leisure Centre for the Islington North constituency for the 2019 General Election PA 6/45 Boris Johnson press conference Jeremy Selwyn 7/45 Michael Gove Jeremy Selwyn 8/45 Dominic Cummings Jeremy Selwyn 9/45 Prime Minister Boris Johnson's partner Carrie Symonds and dog Dilyn arriving for the count for the Uxbridge & Ruislip South constituency in the 2019 General Election PA 10/45 REUTERS 11/45 Britain's Prime Minister Boris Johnson leaves the Conservative Party's headquarters Reuters 12/45 Britain's opposition Labour Party leader Jeremy Corbyn leaves the Labour Party's headquarters Reuters 13/45 A member of the counting staff yawns during the count at the SEC Centre in Glasgow PA 14/45 Democratic Unionist Party (DUP) leader Arlene Foster (C) reacts after learning that Deputy Leader of the DUP (Democratic Unionist Party) Nigel Dodds has lost his seat to Sinn Fein's new MP for North Belfast John Finucane at the count centre in Belfast AFP via Getty Images 15/45 DUP Westminster leader Nigel Dodds reacts after losing his seat as Sinn Fein candidate John Finucane is declared the winner in the Belfast count centre Getty Images 16/45 A police officer breaks up a fight while Hayes and Harlington MP John McDonnell speaks at the vote declaration after retaining his seat Getty Images 17/45 Carla Lockhart of the DUP is elected as MP for Upper Bann at Meadowbank Sports Arena in Magherafelt Co Londonderry as counting begins Westminster election PA 18/45 Labour Party leader Jeremy Corbyn (R) and Shadow Foreign Secretary Emily Thornberry meet after both retaining their Parliamentary seats following the count at Sobell leisure centre Getty Images 19/45 Liberal Democrats candidate for Edinburgh West, Christine Jardine retains her seat at the Royal Highland Centre, Edinburgh PA 20/45 Sinn Fein's John Finucane celebrates with party leader Mary Lou McDonald (left) and deputy leader Michelle O'Neill after winning in the Belfast North constituency at the Titanic exhibition centre, Belfast PA 21/45 A cat sits on the step of 10 Downing Street as Boris Johnson looks set to be returned there as Prime Minister after early Conservative gains in the General Election results PA 22/45 Britain's Prime Minister and Conservative leader Boris Johnson and his partner Carrie Symonds arrive at the count centre in Uxbridge, west London AFP via Getty Images 23/45 Conservative Party parliamentary candidate Jacob Rees-Mogg leaves, after winning the North East Somerset constituency, at the Sports Training Village, University of Bath Getty Images 24/45 Conservative Party parliamentary candidate Jacob Rees-Mogg's wife Helena and son Peter watch the results of the North East Somerset constituency at the Sports Training Village, University of Bath Getty Images 25/45 Supporters cheer as Green Party candidate Caroline Lucas is announced as the winner for the constituency of Brighton Pavilion at a counting centre Reuters 26/45 Conservative candidate Aaron Bell is declared the winner of the Newcastle-Under-Lyme seat PA 27/45 Michelle Dewberry, the former winner of The Apprentice and Brexit Party candidate for Hull West & Hessle, with former Crystal Palace owner Simon Jordan after she failed to win the Kingston upon Hull West & Hessle seat at the Guildhall in Hull in the 2019 General Election PA 28/45 Britain's Prime Minister Boris Johnson reacts as he and his girlfriend Carrie Symonds arrive at the Conservative Party's headquarters Reuters 29/45 Brexit Party candidate Richard Tice is seen after Labour Party candidate Mike Hill is announced as the winner for the constituency of Hartlepool at a counting centre for Britain's general election in Hartlepool Reuters 30/45 Jeremy Corbyn, leader of the Labour Party, pauses while speaking at the vote count in his Islington North constituency Getty Images 31/45 Conservative Party candidate Dominic Raab arrives at a counting centre in Esher Reuters 32/45 Labour Party candidate Sharon Hodgson is announced as the winner for the constituency of Washington and Sunderland West Reuters 33/45 Volunteers get counting after the polls closed in the General election Nigel Howard 34/45 Volunteers get counting IN bARNET after the polls closed in the General election Nigel Howard 35/45 Labour in conversation during the General Election count in Barnet Nigel Howard 36/45 General Election Count, Barnet Nigel Howard 37/45 The results of an exit poll are projected onto the outside of Broadcasting House AP 38/45 Independent candidate Count Binface poses after arriving at a counting centre Reuters 39/45 The Labour Party's Chi Onwurah after winning Newcastle Upon Tyne Central PA 40/45 The results of the exit poll are projected onto the outside of Broadcasting House AP 41/45 Labour Party candidate Bridget Phillipson stands next to Brexit Party candidate Kevin Yuill after she was announced as the winner for the constituency of Houghton and Sunderland South Reuters 42/45 A member of the Monster Raving Loony Party arrives at a counting centre in Islington Reuters 43/45 General Election Count, Barnet Nigel Howard 44/45 Volunteers get counting after the polls closed in the General election Reuters 45/45 Prime Minister Boris Johnson and his girlfriend Carrie Simmonds with their dog Dilyn Jeremy Selwyn 1/45 Prime Minister Boris Johnson and his partner Carrie Symonds enter Downing Street as the Conservatives celebrate a sweeping election victory Jeremy Selwyn 2/45 Prime Minister Boris Johnson with partner Carrie Symonds and dog Dilyn at the count for the Uxbridge & Ruislip South constituency in the 2019 General Election PA 3/45 First Minister Nicola Sturgeon celebrates with supporters at the SEC Centre in Glasgow PA 4/45 Lib Dem leader Jo Swinson reacts as she loses her East Dumbartonshire constituency, during the count at the Leisuredome, Bishopbriggs PA 5/45 Labour leader Jeremy Corbyn speaks after the results was given at Sobell Leisure Centre for the Islington North constituency for the 2019 General Election PA 6/45 Boris Johnson press conference Jeremy Selwyn 7/45 Michael Gove Jeremy Selwyn 8/45 Dominic Cummings Jeremy Selwyn 9/45 Prime Minister Boris Johnson's partner Carrie Symonds and dog Dilyn arriving for the count for the Uxbridge & Ruislip South constituency in the 2019 General Election PA 10/45 REUTERS 11/45 Britain's Prime Minister Boris Johnson leaves the Conservative Party's headquarters Reuters 12/45 Britain's opposition Labour Party leader Jeremy Corbyn leaves the Labour Party's headquarters Reuters 13/45 A member of the counting staff yawns during the count at the SEC Centre in Glasgow PA 14/45 Democratic Unionist Party (DUP) leader Arlene Foster (C) reacts after learning that Deputy Leader of the DUP (Democratic Unionist Party) Nigel Dodds has lost his seat to Sinn Fein's new MP for North Belfast John Finucane at the count centre in Belfast AFP via Getty Images 15/45 DUP Westminster leader Nigel Dodds reacts after losing his seat as Sinn Fein candidate John Finucane is declared the winner in the Belfast count centre Getty Images 16/45 A police officer breaks up a fight while Hayes and Harlington MP John McDonnell speaks at the vote declaration after retaining his seat Getty Images 17/45 Carla Lockhart of the DUP is elected as MP for Upper Bann at Meadowbank Sports Arena in Magherafelt Co Londonderry as counting begins Westminster election PA 18/45 Labour Party leader Jeremy Corbyn (R) and Shadow Foreign Secretary Emily Thornberry meet after both retaining their Parliamentary seats following the count at Sobell leisure centre Getty Images 19/45 Liberal Democrats candidate for Edinburgh West, Christine Jardine retains her seat at the Royal Highland Centre, Edinburgh PA 20/45 Sinn Fein's John Finucane celebrates with party leader Mary Lou McDonald (left) and deputy leader Michelle O'Neill after winning in the Belfast North constituency at the Titanic exhibition centre, Belfast PA 21/45 A cat sits on the step of 10 Downing Street as Boris Johnson looks set to be returned there as Prime Minister after early Conservative gains in the General Election results PA 22/45 Britain's Prime Minister and Conservative leader Boris Johnson and his partner Carrie Symonds arrive at the count centre in Uxbridge, west London AFP via Getty Images 23/45 Conservative Party parliamentary candidate Jacob Rees-Mogg leaves, after winning the North East Somerset constituency, at the Sports Training Village, University of Bath Getty Images 24/45 Conservative Party parliamentary candidate Jacob Rees-Mogg's wife Helena and son Peter watch the results of the North East Somerset constituency at the Sports Training Village, University of Bath Getty Images 25/45 Supporters cheer as Green Party candidate Caroline Lucas is announced as the winner for the constituency of Brighton Pavilion at a counting centre Reuters 26/45 Conservative candidate Aaron Bell is declared the winner of the Newcastle-Under-Lyme seat PA 27/45 Michelle Dewberry, the former winner of The Apprentice and Brexit Party candidate for Hull West & Hessle, with former Crystal Palace owner Simon Jordan after she failed to win the Kingston upon Hull West & Hessle seat at the Guildhall in Hull in the 2019 General Election PA 28/45 Britain's Prime Minister Boris Johnson reacts as he and his girlfriend Carrie Symonds arrive at the Conservative Party's headquarters Reuters 29/45 Brexit Party candidate Richard Tice is seen after Labour Party candidate Mike Hill is announced as the winner for the constituency of Hartlepool at a counting centre for Britain's general election in Hartlepool Reuters 30/45 Jeremy Corbyn, leader of the Labour Party, pauses while speaking at the vote count in his Islington North constituency Getty Images 31/45 Conservative Party candidate Dominic Raab arrives at a counting centre in Esher Reuters 32/45 Labour Party candidate Sharon Hodgson is announced as the winner for the constituency of Washington and Sunderland West Reuters 33/45 Volunteers get counting after the polls closed in the General election Nigel Howard 34/45 Volunteers get counting IN bARNET after the polls closed in the General election Nigel Howard 35/45 Labour in conversation during the General Election count in Barnet Nigel Howard 36/45 General Election Count, Barnet Nigel Howard 37/45 The results of an exit poll are projected onto the outside of Broadcasting House AP 38/45 Independent candidate Count Binface poses after arriving at a counting centre Reuters 39/45 The Labour Party's Chi Onwurah after winning Newcastle Upon Tyne Central PA 40/45 The results of the exit poll are projected onto the outside of Broadcasting House AP 41/45 Labour Party candidate Bridget Phillipson stands next to Brexit Party candidate Kevin Yuill after she was announced as the winner for the constituency of Houghton and Sunderland South Reuters 42/45 A member of the Monster Raving Loony Party arrives at a counting centre in Islington Reuters 43/45 General Election Count, Barnet Nigel Howard 44/45 Volunteers get counting after the polls closed in the General election Reuters 45/45 Prime Minister Boris Johnson and his girlfriend Carrie Simmonds with their dog Dilyn Jeremy Selwyn

The Labour leader had faced mounting pressure as the Tories gained a large majority in the Commons, with Labour haemorrhaging seats.

In his own constituency he secured a majority, taking 34,603 votes.

Speaking after that announcement he thanked his family and close friends for their support, while he criticised media treatment of those close to him and his party in general.

Moving on to comment on Labour's performance, set to be its worse since 1935, he said: "This is obviously a very disappointing night for the Labour Party, with the result that we've got."

He defended his party's policies but said Brexit has "overridden so much of a normal political debate".

"I recognise that has contributed to the result that the Labour Party has received this evening all across the country," he said.

"The issues of social justice and the issues of needs of people will not go away just because Brexit is dealt with in the way Boris Johnson plans to deal with it at the moment."

He said he will remain MP for Islington North, stating he is proud to represent the constituency.

Mr Corbyn added: “And I’m proud in Parliament and outside that we will forever continue the cause for socialism, for social justice and for a society based on the needs of all rather than the greed of a few.

“That is what makes our party what it is and I’m very proud of the achievements of our party and the development of its manifesto and its ideas.

“I tell you what, those ideas and those principles are eternal and they will be there for all time.”