CLYDE Loakes will step down as council leader, it has been confirmed.

The Guardian revealed last month that Cllr Loakes would not put himself forward for re-election by the Labour group, but this is the first time it has been officially confirmed.

Clyde said “Its been an honour to serve the people of Waltham Forest. No two days have ever been the same.

“I have had the opportunity to work with some truly fantastic people, from all walks of life, who care passionately about their local communities and they want the organisations that serve them and work for to do more for local residents and communities.

“I would not have missed this opportunity for the world. I am also pleased to having stuck to my promise of keeping Council tax low. The council tax rise this year, at 1.9%, was the lowest increase for a decade.”

Cllr Loakes became one of the country’s youngest council leaders when he took power in 2003, aged 33.

The authority was recognised as one of the worst in the country but was recently given a top rating by the Audit Commission, making it the only authority to move from a one to four star rating.

Despite the council’s success in meeting government targets and improvements in education, Cllr Loakes tenure will also be remembered for some well-publicised failings.

Investigations are ongoing into widespread and long term failure by the council to properly manage millions of pounds under the Better Neighbourhood Initiative.

One council officer has already been suspended after the scope of the probe into the fiasco was significantly broadened by chief executive Andrew Kilburn.

The council has also faced criticism for failing to develop the Arcade site in Walthamstow, which has been empty for nine years.

Cllr Loakes has been selected to contest the parliamentary seat Northampton South at the next election.

Cllr Angie Bean, Deputy Leader of the Labour Group, for the last 5 years paid tribute to her colleague.

She said: “Clyde has done a fantastic job. His strong leadership and sheer determination to get things done has led to massive improvements in how the Council works for Waltham Forest residents. He has given this job everything and his commitment to residents and the borough has been second to none.”