Acting Lib Dem leader Ed Davey has told the BBC there will be "possibly even years" of further negotiations with the EU after Brexit.
Ed Davey
Acting leader Ed Davey says his party will "never stop fighting" for the "closest possible" EU ties.
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Sir Ed Davey and Mark Pack will remain joint acting party leaders until the election process is completed.
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Boris Johnson and Labour leader Jeremy Corbyn pay tribute to NHS staff and other public sector workers.
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The Liberal Democrats have announced the party's deputy leader, Sir Ed Davey, and its president, Baroness Sal Brinton, will become joint acting leaders after Jo Swinson lost her seat overnight.
Ms Swinson became her party's first female leader in a landslide victory over Sir Ed earlier this year, succeeding Sir Vince Cable.
Sir Ed, the Kingston and Surbiton MP, said a leadership election will take place in the new year.
Baroness Brinton thanked Ms Swinson "for her honest and fearless leadership".
Davey and Brinton to take over Lib Dems
The Liberal Democrats have announced the party's deputy leader, Sir Ed Davey, and its president, Baroness Sal Brinton, will become joint acting leaders after Jo Swinson lost her seat overnight.
In a statement, they said a leadership election will take place in the new year.
Ms Swinson said: "Tonight's result is obviously hugely disappointing, in East Dunbartonshire, and across the whole country with Boris Johnson winning a majority.
"I am proud that in this campaign, the Liberal Democrats have stood up for openness, generosity and hope. We were honest about what we believe in and what we were trying to achieve.
“This is clearly a setback for liberal values. But there are millions of people across the country who believe in them. By coming together to fight for them, we can create a positive future."
Baroness Brinton thanked Ms Swinson "for her honest and fearless leadership".
The Liberal Democrat leader says the party is concentrating on denying Boris Johnson a Brexit majority.
Read moreLib Dems detail the 'beauty' of income tax rises
BBC Radio 5 Live
One of the Lib Dems' pledges is to raise income tax by 1p in the pound - but could someone who earns £20,000 a year afford this?
"What they can't afford is a health service that's not there when they need it," says Sir Ed Davey (pictured). "What they can't afford is a social care system which is on its knees."
"The more that you earn - that is one of the beauties of income tax - the more you pay so if you're on a lower income you pay less."
Lib Dem pledge to stop Brexit 'would end uncertainty'
BBC Radio 5 Live
Wake Up to Money is continuing its series speaking to the UK's political parties in the run up to polling day on 12 December and today is the turn of Sir Ed Davey, deputy leader for the Liberal Democrats and spokesman for the economy.
The Lib Dems are pushing to "stop Brexit" by having another referendum which Sir Ed says "chimes with many people, particularly in business".
But don't businesses just want an end to uncertainty?
"Well, let's see how we can end uncertainty," he says. "Under Boris Johnson's hard deal, he won't get Brexit done because he's going to have to go to stage two of Brexit which will have loads of uncertainty.
"We don't know whether he'll manage to get the deal he claims he'll get in a year's time - highly unlikely. And if we get to December 2020, he said there'll be no further transition and there would be a no-deal Brexit.
"I couldn't think of anything worse for business and business fiercely opposes that."
Sir Ed says that if the Lib Dems won they would have a people's vote before the summer "and if people then voted to remain that would give business much more certainty than anything that is on offer from the Conservatives".