Lord Wallace of Tankerness was today elected as the new leader of the Liberal Democrats in the House of Lords.

The former Deputy First Minister of Scotland replaces Tom McNally, who stepped down earlier this month after nine years at the helm.

Lord Wallace was the only candidate to have put his name forward when nominations for the leadership contest closed at 12pm today.

Lord Wallace said:

It is a great privilege as well as an exciting challenge to have been elected as Leader of the Liberal Democrat peers.

As someone who has already led a parliamentary group in coalition in Scotland, I hope I can bring some of that experience to dealing with the challenges and opportunities which coalition government brings.

Anyone looking at our list of peers will immediately recognise the depth and diversity of talent and ability in our ranks. That is why we make an impact in the House. And as we approach 2015 I want to ensure that as a team we play to our strengths in the work of the House and the election preparations of the party.

I should also wish to pay a warm tribute to my predecessor and friend, Lord McNally. He has given great service to the group and the wider party, as well as to the House of Lords itself in his near decade as Leader. His experience will still bring value to our group’s discussions.

Outgoing Leader Lord McNally said of his successor:

I offer my very sincere congratulations to Jim Wallace on his election as Leader of the Liberal Democrats in the House of Lords.

Jim is extremely well-regarded by the House of Lords, where he conducts himself with great skill and humour in the chamber. His record of leadership of the Scottish Liberal Democrats and record of delivering Liberal Democrat priorities during two coalition governments with Labour in Scotland speaks for itself.

I have valued his friendship and advice for many years, and wish him well as he takes over the leadership of the Liberal Democrat group in the Lords.