British Prime Minister Gordon Brown announced he resigned as prime minister on Tuesday evening.

Gordon Brown (R), accompanied by his wife Sarah, announces his resignation as British Prime Minister in front of his official residence of 10 Downing Street in London, May 11, 2010. [Zeng Yi/Xinhua]?

In a statement outside Downing Street No. 10, Brown said he is to resign and suggests that Conservative Party leader David Cameron should take over as the Labour party failed to reach a deal with Lib Dems.

He said: "I wish the next prime minister well as he makes the important choices for the future. Only those who have held the office of prime minister can understand the full weight of its responsibilities and its great capacity for good."

Brown said he had "loved the job" and it had been "a privilege to serve."

British General elections

Brown has tendered his resignation to the Queen after which he will be succeeded by Conservative leader David Cameron who arrived at Buckingham Palace later.

Brown then went to Labour headquarters in London where he announced Labour Party Deputy Leader Harriet Harman become the acting leader of the Labour Party.

The meeting between Lib Dems and Conservatives, aimed at reaching a deal on forming a government, has finished.

Shadow Foreign Secretary William Hague said the meeting with Lib Dems had a "very positive atmosphere" and the negotiating team has "some recommendations to take back to David Cameron and our parliamentary colleagues."