By Abdul Tukur 

Sir Vince Cable has announced that he is standing to replace Tim Farron as leader of the Liberal Democrat.

The 74-year-old former cabinet minister who served in the coalition is the first to declare his intention to lead the party after Mr Farron’s resignation.

Sir Cable who rightly predicted the 2008 financial crime, said “as leader,” he can “offer the energy, dedication and drive, as well as experience, to help – with you – to make our party a credible contender for power.”

Sir Vince who announced his candidacy on the Lib Dem Voice website said: “With 20 years on the national political stage I am passionate as ever about our liberal values.”

The deputy and acting leader who lost his seat in 2015 was re-elected in Twickenham in the June 8 general election. He has not ruled out serving as a caretaker leader.

“With 20 years on the national political stage I am passionate as ever about our liberal values.

“I am ready to commit my energy, enthusiasm and experience to the task of leading the Liberal Democrats through what will be a period of chronic uncertainty.

“With the prospect of another election looming large, we must be ready for the fight.”

East Dunbartonshire MP Jo Swinson has ruled herself out of the contest; instead she has put her name forward for the role of deputy. The deadline for the deputy is at 5 pm.

Ms Swinson is likely to be elected unopposed as no one has challenged her.