John McDonnell has confirmed that he is stepping down from frontline politics once a new Labour leader is selected.
Mr McDonnell, a key Jeremy Corbyn ally, said he would be leaving the shadow cabinet – and others will be doing the same.
It follows Labour’s worst general Election performance since 1935, with Boris Johnson’s Tories sweeping to power with a majority of 80.
He told Sky News: “We will all go now. The new leader will come in place and appoint a shadow cabinet. I won’t be part of the shadow cabinet.
“I’ve done my bit. We need to move on at that stage with that new leader.
“I think we’ll be in a position where we’ll be learning lessons listening to people.”
Shadow chancellor Mr McDonnell wrote on Twitter: “To avoid any confusion, in response to doorstep I have confirmed that when the new leader is elected I will leave the Shadow Cabinet. Like Jeremy and with his approval I will remain in position until then.”
It comes as Mr Corbyn and his allies face calls to stand aside and let a new leader rebuild the party after it won just 203 seats – 59 less than two years ago.
Mr Corbyn announced on Friday that he will not continue as Labour leader into another election, but has yet to confirm when he will leave.