Ed Miliband resigns following defeat in U.K. election

After a crushing defeat in Thursday's general election, Ed Miliband is stepping down as leader of the U.K.'s Labour Party.

In a speech following the election, Miliband thanked his staff members and "all those people who pounded the streets" to support local candidates. "Britain needs a strong Labour Party that can rebuild after this defeat," Miliband said, adding that he thought that process would be best under new leadership.

While the election was expected to be a close race, Prime Minister David Cameron's Conservative Party won 329 out of Parliament's 650 seats, and the Labour Party secured just 233, according to BBC News projections. The Liberal Democrats, meanwhile, will only hold eight seats in Parliament. Nick Clegg, leader of the Liberal Democrats, also announced his resignation following the election results.

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