UK PM Gordon Brown has said he is stepping down as Labour Party leader following his poor showing in the recent general elections that resulted in a hung parliament.

Brown, prime minister since 2007, said he wanted a successor to be in place by the time of the party's conference in September.

Brown announced his intention to quit in a statement in Downing St in which he also said his party was to start formal talks with the Lib Dems.

The Conservatives won the most seats and most votes in the election and have been in talks with the Lib Dems.

Brown said Britain had a "parliamentary and not presidential system" and said there was a "progressive majority" of voters, the BBC reported.

He said if the national interest could be best served by a coalition between the Lib Dems and Labour - he said he would "discharge that duty to form that government".

But he added that no party had won an overall majority in the UK general election and, as Labour leader, he had to accept that as a judgement on him.