Nick Clegg has resigned as Liberal Democrat leader after his party was routed at the general election.
The Lib Dems ended up with just eight MPs, down from 57 in 2010.
Energy Secretary Ed Davey, Business Secretary Vince Cable and Treasury Secretary Danny Alexander all lost their seats.
Mr Clegg said the results were "immeasurably more crushing" than he had feared, saying it had been a "huge honour" to lead the party.
In a speech in London, he confirmed a leadership election would now take place to replace him.
"It's simply heartbreaking to see so many friends and colleagues who have served their constituents over so many years abruptly lose their seats because of forces entirely beyond their control," he said.
'Terrible night'
Mr Clegg, who held his seat, added that "fear and grievance have won, liberalism has lost".
History would judge his party more kindly than the electorate, he said, pointing to some of the measures the Lib Dems had championed in government.
Other senior Lib Dems to fall were former schools secretary David Laws, former party leader Charles Kennedy and former deputy leader Simon Hughes.