Nick Clegg Is New Lib Dem Leader
Nick Clegg has won the leadership of the Liberal Democrats by 511 votes.
41,465 votes were cast and, after a recount, Mr Clegg received 20,988 and his rival Chris Huhne won 20,477.
Mr Clegg is the third Lib Dem leader in two years.
"Today is about two things," he said. "Ambition and change...
"It is about renewed ambition for Britain. We want to change politics, and change Britain."
Mr Huhne said the new leader would be a great one.
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"We have ahead of us great success and I look forward to participating as part of his team in making sure the party goes from strength to strength."
Nick Clegg was the early favourite in the race, having received the backing of the majority of Lib Dem MPs.
But Chris Huhne has won praise for an energetic and high-profile campaign, and is likely to have picked up a substantial share of activists' votes.
Mr Clegg faces a formidable task, but has the advantage of knowing that things are almost sure to improve given that the party found itself in the doldrums under Menzies Campbell.
The poll ratings are almost certain to swing back upwards, but what is harder to predict is how that may affect the overall balance of power at Westminster.
According to Ben Page, from the polling group Ipsos MORI: "It's not that either [other] party is going to be quaking at a Lib Dem revival...
"It's rather that it will unwind tactically and differently in different places, and that's the key issue - what happens in those marginal constituencies where votes that go to the Lib Dems mean all the difference between winning and losing for a Labour candidate or perhaps a Conservative."
Nick Clegg has came out first in the race to become the new leader of the Liberal Democrat Party, the third largest party in the United Kingdom.

Clegg congratulated Vincent Cable on his performance as acting leader of the Liberal Democrats, which he took after the resignation of Menzies Camp

He beat Chris Huhne in the party's election, although the number of votes was very close - Nick Clegg had just 511 more votes than Huhne.

During his acceptance speech he said "I want the Liberal Democrats to be the future of politics," and that he hoped his leadership of the Liberal Democrats would be about ambition and change. He also acknowledged that it was a close contest. His acceptance speech took place in a central London hotel. 

In his speech he also criticized the Labour and Conservative parties by saying they were mutating in to one party and encouraged unsatisfied voters to vote for the Liberal Democrats.