JEREMY Corbyn has said he will not lead Labour into the next election after a disastrous night for the party. 

He lost all but one of his Scottish MPs, with Ian Murray holding onto his Edinburgh South constituency.

In a desolate speech at his count in Islington North, the veteran left-winger lashed out at the media, and said he would remain in place while the party undertakes a “period of reflection”. 

“I will not lead the party in any future general election campaign. I will discuss with our party to ensure there is a process now of reflection on this result and on the policies that the party will take going forward. And I will lead the party during that period to ensure that discussion takes place and we move on into the future,” he said.

Corbyn said Labour had put forward a manifesto “of hope, unity that would help to right the wrongs and the injustices and inequalities that exist in this country”. 

READ MORE: Election: Ian Murray warns Labour 'will die' without change

He insisted Labour’s policies were “extremely popular during the election campaign and remain policies that have huge popular support all across this country”.

In his speech, Murray warned that without change Labour faced extinction.

“Tonight’s been a difficult night for the Labour party,” he said. “I’m sick of standing at lecterns during election campaigns and saying it’s been a difficult night for the Labour party. This party must listen and this party must respond or this party will die.” 

Phil Wilson, who lost in Tony Blair’s old seat of Sedgefield, said: “I genuinely believe that the Corbyn leadership is the issue in this election and to say that it isn’t is delusional.”

Caroline Flint, who lost her Don Valley seat to the Tories, said: “We’re going to hear the Corbynistas blame it on Brexit and the Labour uber-remainers blaming Corbyn. Both are to blame for what looks like a terrible night for Labour. Both have taken for granted Labour’s heartlands. Sorry we couldn’t offer you a Labour party you could trust

Shadow Chancellor John McDonnell promised that “appropriate decisions” would be taken. 

Speaking to BBC News, he said: “I think Brexit has dominated, it has dominated everything by the looks of it.

“We thought other issues could cut through and there would be a wider debate, from this evidence there clearly wasn't.”

On the future of Corbyn's leadership, McDonnell said: “Let's see the results themselves, as I say, the appropriate decisions will be made and we'll always make the decisions in the best interests of our party.”