TAVISH Scott yesterday bowed to the inevitable and resigned as leader of the Scottish Liberal Democrats after what he called a "disastrous" result in the Holyrood election.

The former deputy finance minister and transport minister presided over his party’s worst result in decades, as it lost 11 of its 16 MSPs, and saw its share of the vote halved.

Scott, 45, who had been leader since September 2008, said the party needed “new direction, new thinking and new leadership” to rebuild.

Favourites to replace him are Willie Rennie, a former MP and special adviser to LibDem Scottish Secretary Michael Moore, who was elected as a list MSP for Mid-Scotland and Fife on Thursday, and Liam McArthur, the MSP for Orkney.

Scott’s resignation means he is now free to apply for the position of Presiding Officer at Holyrood when nominations open this week.

During the campaign, Scott had openly blamed the Coalition in Westminster for a slump in his party’s poll ratings, as voters reacted against Nick Clegg’s decision to go into government with the Conservatives and the U-turn on student tuition fees.

But although he became increasingly outspoken in attacking the Tories, Scott was unable to distance himself sufficiently from the decisions of his colleagues in London.

After breaking the news to the Scottish party’s executive and to party staff in Edinburgh yesterday, Scott issued a statement at 3.30pm confirming his departure with immediate effect.

He said: “Thursday’s Scottish General Election result was disastrous and I must and do take responsibility for the verdict of the electorate.”

Nick Clegg, who has faced calls for his own resignation since Thursday’s result in Scotland and heavy losses in English council elections, said he was “very sad” at Scott’s decision.

“He has been an excellent and energetic leader at an extremely difficult time, as well as a good friend and colleague.”

Iain Gray, Labour’s Holyrood leader, announced on Thursday that he would step down in the autumn after his party lost nine MSPs after a heavily criticised and ill-judged campaign.

The departure of Gray and Scott puts renewed pressure on Annabel Goldie to quit as leader of the Scottish Conservatives.

The party had the worst result in its history, picking up barely one vote in eight.