Tim Farron Launches Bid To Lead Lib Dems

Tim Farron has confirmed he will stand for the leadership of the Liberal Democrats in the wake of the party's electoral wipeout.

The party's former president tweeted: "I'm up for it! I'm standing for #Libdems leader."

Nick Clegg stepped down after the party's representation at Westminster dropped from 57 MPs in 2010 to just eight at last week's General Election.

Many of the Lib Dems' former cabinet ministers and potential leadership candidates, including Vince Cable and Danny Alexander, were among the electoral casualties.

Mr Farron told Sky News: "Over the last few days, since the frankly devastating results we had on Friday morning, I've been listening to hundreds of members who've been urging me to stand.

"I'm going to, because if they're up for the fightback, then I'm up for leading that."

He said his party fully accepts "the drubbing we got".

He added: "I think what I am saying is there are thousands and thousands of people in this country who clearly woke up on the Friday and thought 'goodness me, we're not losing the liberals, we're not losing the Liberal Democrats' and that's why I'm standing for the leadership - because I believe that this party not only can be saved but it must be saved."

The party needed to be rebranded but the name would stay the same, Mr Farron said.

"We've got to be absolutely radical about that but 18 months of a constitutional wrangle as we Tipp-Ex out a couple of words and add in another one in the constitution strikes me as a bit of a waste of time," he added.

He said he believed the party was right to go into coalition with the Conservatives, but acknowledged it was "always going to be hugely damaging to the party".

He added that the party had added 11,500 new members in the last few days, which he said was a "silver lining" to last Thursday's defeat.

To get on the Lib Dem leadership ballot a contender must secure the endorsement of 10% of MPs - now less than one person - as well as 200 members from at least 20 local Liberal Democrat parties.

The wider membership selects the winner in an alternative vote system, with the verdict due on 16 July.