UK Labour's finance chief McDonnell to step down after election defeat

LONDON (Reuters) - Britain's opposition Labour party finance spokesman John McDonnell will not be in his party's next shadow cabinet after Labour's heavy election defeat to Prime Minister Boris Johnson's Conservatives, he said on Saturday.

Labour, under socialist Jeremy Corbyn, suffered its worst election result since 1935 on Thursday, winning 203 seats. The Conservatives won 365, gaining a majority of 80 in Britain's parliament.

"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."

Corbyn said on Friday he would stay on as Labour leader until a successor is chosen next year.

(Reporting by James Davey; Editing by Mark Heinrich)