Labour Leader As Gordon Brown Quits

Latest News Prime Minister Gordon Brown has quit as leader of the Labour Party urging that a the formation of stable government is important for UK’s economy.

Mr Brown made the announcement to the media outside his residence at 10 Downing Street where he said that he accepts the results of the elections and he quit office by September.

Mr Brown informed that Labour would be holding formal talks with the Lib Dems - who are already talking to the Conservatives - on forming a government, after Thursday's General Election ended in stalemate.

Mr Brown's decision to step down was seen as an olive branch by global markets and the British Pound fell by 1 cent.