EXCLUSIVE: Former Business Secretary to launch bid for Liberal Democrat leader.

Cable will run to replace outgoing leader Tim Farron.

Allies say Cable's experience makes him ideally placed to lead the party.

Party favourite Jo Swinson will run for Deputy Leader.

Lib Dems hope to have a new leader in place for Autumn conference.

LONDON — Sir Vince Cable has announced his bid to become the next leader of the Liberal Democrats.

The former Secretary of State for Business, Innovation and Skills announced his intention to succeed outgoing leader Tim Farron on Tuesday morning, shortly after Business Insider revealed his bid in an exclusive piece.

Farron announced that he would be stepping down as Lib Dem leader last week after facing weeks of tough questioning during the general election campaign about his views on homosexuality as a devout Christian.

The MP for Westmorland and Lonsdale — who was elected the party's leader in July 2015 — said in a statement that it felt "impossible" to continue as leader of the Liberal Democrats and live "as a faithful Christian".

Since that announcement, a number of Lib Dem figures have been touted as potential successors, with bookmakers leaning heavily in favour of Cable, MP for East Dunbartonshire Jo Swinson, and North Norfolk MP Norman Lamb.

A well-placed source within the Lib Dems told Business Insider last week that Cable's experience made him the most obvious choice to succeed Farron, despite speculation that Swinson was the preferred choice among party members.

Swinson announced over the weekend that she intends to run for deputy leader, not leader, and at around 11:00 (BST) Cable released a statement confirming his desire to be elected the next leader of the Liberal Democrats.

Cable said: "Today I am announcing that I will be a candidate in the forthcoming Liberal Democrat leadership election. I wanted to do so on Lib Dem Voice, the leading forum for discussion amongst our membership.

"With 20 years on the national political stage, I am passionate as ever about our liberal values. I am ready to commit my energy, enthusiasm and experience to the task of leading the Liberal Democrats through what will be a period of chronic uncertainty. With the prospect of another election looming large, we must be ready for the fight."

He added: "There are big opportunities ahead. The Conservatives are in disarray and 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. There is a big space in British politics which I am determined that we should occupy."

Interestingly, Cable refused to confirm he would lead the Lib Dems into a 2022 general election if elected leader in an interview with Sky on Tuesday afternoon. The MP — who will be aged 79 in five years time — said it's possible that he'd hand the job over to one of his "younger" colleagues. A Lib Dem source told us last week that one idea currently being floated is Cable serving as interim leader before stepping down to make way for the much younger Swinson before 2022.

The original plan was for Cable to launch his bid on Monday but the announcement was delayed until today due to the terrorist attack on Finsbury Park Mosque in north London in the early hours of Monday morning.

Cable, 74, has dropped not-so-subtle hints that he plans to launch a leadership bid. He said he hadn't "ruled anything out" in an interview with the Independent last week, and has refused to shoot down rumours of a bid.

Vince Cable with Tim Farron. Jack Taylor / Getty The newly re-elected MP for Twickenham boasts a wealth of political experience and is regarded as a figure who will bring a period of stability to the party as it prepares for life after the contentious exit of its current leader Farron.

He served as the Twickenham MP from 1997 until 2015 before winning the seat back the London seat from the Tories in this month's election. He was appointed a cabinet minister during the David Cameron-led coalition government and has served both as acting and deputy leader of the Lib Dems. He was also knighted in 2015.

He is not believed to have been involved in what allies of Farron described as the "coup" against him. "Funnily enough, I think this is the first coup that he hasn't actually been involved with," one well-placed party source told BI.

The Liberal Democrats hope a new leader will be in place before the party meets up for its Autumn conference in Bournemouth on September 16. The new leader will be chosen by the party's 100,000+ membership via a one member-one vote system. Cable is likely to go head to head with Sir Ed Davey and Norman Lamb for the top job.