Liberal Democrat veteran Sir Vince Cable is to run in the leadership race for the party's top job after Tim Farron stepped down.

The former business secretary told Sky News he was ready to take the party through "this very difficult phase in the country's history".

"These are very uncertain times with a general election possible, two years of Brexit negotiations," he said.

"I want to take the party through that. I think I have the experience, the energy and the enthusiasm to make a good job of it."

Lib Dems want to become the main opposition

The 74-year-old, who has returned to the House of Commons as MP for Twickenham, is the first contender to throw his hat into the ring to replace Mr Farron, who resigned earlier this month.


Former health minister Norman Lamb has also indicated he is considering going for the job, and former energy secretary Sir Ed Davey has said he is giving "serious thought" to standing.

However, hotly tipped East Dunbartonshire MP Jo Swinson has ruled herself out, and was elected deputy leader instead.

The former business minister, who was elected unopposed, said she was "very proud" of her new position.

"In this balanced Parliament the Liberal Democrats will be a powerful influence and a strong voice for people who want to see an open, welcoming and tolerant United Kingdom," she said.

Sir Vince said he was ready to "work with like-minded people in other parties" to secure a second referendum on any Brexit deal, with the option to remain in the EU if the agreement on offer is deemed not good enough.

Farron bows out as party chief

In a statement, he described Brexit as an "iceberg" about to hit the UK economy and said the Lib Dems should "warn of the dangers ahead and the need for a new course".

Despite the fact the party secured only 7.4% of the vote and 12 seats in the election, Sir Vince insisted "the political winds are moving in our favour".

He said: "There are big opportunities ahead. The Conservatives are in disarray and in retreat. The Labour Party outperformed expectations but complacently believes that 'one more heave' will see it into office.

"But an economic policy based on offering lots of free things lacks economic credibility and will be found out. Investing in infrastructure, rather than borrowing for everyday running costs is credible.

Lib Dems defy the pundits to increase seat numbers

"There is a big space in British politics which I am determined that we should occupy."

Sir Vince served as acting leader of the Lib Dems following the resignation of Sir Menzies Campbell in 2007, but declined to stand for the leadership at that point, saying that an older candidate would not be electable because of "irrational prejudice about age".

If elected, Sir Vince would be the party's oldest ever leader and the oldest leader of a major party since Sir Winston Churchill, who stepped down as Tory leader at the age of 80.

Asked about his age, especially should the next vote take place in 2022, he said he is not looking that far ahead.

"Once we've got through this very difficult phase in the country's history we're then going to make a choice," he told Sky News.

"I could defer to some of my younger colleagues, I could keep going - and that wouldn't be totally unprecedented. Gladstone was prime minister in his 80s, Sir Winston Churchill ran an election and ran a government somewhat older than me."

Mr Farron surprised many in his party by announcing he was quitting days after the election, saying his Christian faith had made him a "subject of suspicion".

The leadership contest will run throughout the summer, with the new leader elected by party members in a postal ballot in time for the start of the Lib Dem annual conference in Bournemouth on 16 September.