Britain's opposition Labour Party leader Ed Miliband leaves after announcing his resignation as leader at a news conference in London, Britain May 8, 2015. [Photo/Agencies]

LONDON - Britain's Ed Miliband quit as Labour leader on Friday after his opposition party was decisively beaten at the polls by Prime Minister David Cameron's Conservatives.

Labour, which had gone into the election expecting to challenge for power, was instead soundly beaten by the Conservative Party, which is now set to govern on its own with an outright parliamentary majority.

"Britain needs a strong Labour party. Britain needs a Labour party that can rebuild after this defeat so we can have a government that stands up for working people again," Miliband told a party meeting.

"And now it's time for someone else to take forward the leadership of this party, so I'm tendering my resignation, taking effect after this afternoon's commemoration of VE day ..."

He said the party's deputy leader Harriet Harman would take over until a new leader is elected.