LONDON, Aug. 27 (Xinhua) -- Britain's minority opposition party the Liberal Democrats named veteran politician Ed Davey as its new leader Thursday.

Davey defeated rival candidate Layla Moran by a resounding 42,756 votes to 24,564 -- a margin of 63.5 to 36.5 percent.

In his victory speech, the 54-year-old MP said it was time for the party to start listening and to rebuild the Liberal Democrats to national relevance.

He will take his seat as a party leader when the House of Commons (lower house of the British parliament) reopens next Tuesday after the summer recess.

Referred to as Britain's third party following the Conservative Party and the Labour Party, the Liberal Democrats has 11 MPs in the House of Commons.