UK's Labour Party finance chief to step down after electoral defeat

John McDonnell, the finance spokesman for the United Kingdom's Labour Party, said Saturday he would step down from his role after the party suffered a crushing defeat by the country's Conservative Party.

"The new leader will come in place, appoint the shadow cabinet, I won't be part of that shadow cabinet, I've done my bit," McDonnell told BBC television. "We need to move on at that stage with that new leader."

The announcement comes after Labour was trounced in this week's elections, falling over 150 parliamentary seats behind the Conservative Party. 

"In those seats that we've lost, it's about listening to people. What was it, and I think it wasn't just Brexit, I think it was a long history of maybe 40 years of neglect," McDonnell said. 

McDonnell's announcement comes after Jeremy Corbyn, the leader of the Labour Party, announced that he would also resign following a "process of reflection."

Leaders within the Labour Party reportedly blamed Corbyn's leadership for the loss, though others blamed the ongoing debate over Brexit for handing Conservatives the victory.

Conservatives swept elections in northern England, the Midlands and Wales in areas that backed the original 2016 Brexit referendum while the party was also able to flip seats in some areas considered Labour strongholds.