Liberal Democrats Suffer Worst Ever Election Performance As Nick Clegg 'Considers Future'

The number of Liberal Democrats in the Commons look set to be reduced to single figures as the party had to surrender a record-breaking amount of money in lost deposits in the General Election.

Many Lib Dem candidates failed to register at least a 5% share of vote, meaning there were more than 100 instances of the party losing their £500 deposit. At last count the penalty had cost the part £75,000. No party has ever lost as many deposits in a General Election.

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An exit poll indicated that the Lib Dems would return just 10 MPs to Parliament, but party sources indicated that figure could be optimistic on a "devastating" night.

Business Secretary Vince Cable became the highest-profile scalp as voters deserted the party after five years in coalition government with the Conservatives.

Energy Secretary Ed Davey also lost his seat and Treasury Chief Secretary Danny Alexander could become another Cabinet casualty.

In Sheffield Hallam, Lib Dem leader Nick Clegg just about hung on to his seat, but a huge chunk of his majority was blown away.

Nick Clegg said he would be discussing his leadership with Liberal Democrat colleagues after a "cruel and punishing night for his party".

Speaking after being declared the winner in Sheffield Hallam, Mr Clegg said "I will be seeking to make further remarks about the implications of this election, both for the country and for the party I lead and for my position in the Liberal Democrats when I make remarks to my colleagues in the Liberal Democrats later this morning when I return to Westminster."

A senior aide would not confirm whether Mr Clegg would be resigning, insisting that he should be given the time to make his own statement.

Ousted Lib Dem John Hemming called on party leader Mr Clegg to stand down after claiming his party's national policy had cost him votes.

After losing his 10-year grip on Birmingham Yardley, Mr Hemming claimed a "marvellous" local campaign had been scuppered by poor national strategy.

Calling on Mr Clegg to step down or at least announce a date for his departure, Mr Hemming said: "I think he should resign. I would be surprised if we get to Saturday and he hasn't resigned.

"He should at least indicate that he is going to go at a defined time."