becoming a backbench MP again and declared: "I've no regrets.'' Sir John added: "It is time we had a new leader, don't you think? I've had a wonderful 13 years as leader.

"I can look back on a very good time, but now I have to get on with my life.

Nothing lasts forever. It had to come to an end.'' Sir John was speaking just hours after confirming he would step down as United Bermuda Party leader in the wake of yesterday's thumping "no'' vote in the Independence Referendum.

More than 73 percent rejected cutting ties with Britain, while just 25 percent backed the break.

Sir John will remain as Premier until a successor is found.

Yesterday, he put on a brave face over the Referendum result, denying he was downhearted.

"I am not the type of person who gets depressed. Obviously, I was hoping to do better, but I always knew this was the possible outcome when I started out on this course.

"Even if I could do everything all over again, I would do the same thing.

I've no regrets whatsoever.'' Sir John admitted he had slept through the count at Hamilton's Wesley Methodist Church Hall.

Along with other pro-Independence heavyweights, Deputy Premier the Hon. Irving Pearman and Health Minister the Hon. Quinton Edness, he was conspicuous by his absence from the proceedings.

"I'd had a busy day going all around the country, and I wanted to sleep.

After all, I could not affect the vote.

"The count is a matter for the technicians to wait and watch. I was not a scrutineer.

"My reaction to what happened? I agreed it was time for the people of Bermuda to be given a chance to vote in a referendum on the question of whether Bermuda should or should not go independent.

"The results in part reflect a stringent campaign to discourage people to go out and vote.'' Explaining why he had placed his Premiership on the line, Sir John said throughout his leadership he had given a firm commitment to offer Bermudians the chance to go it alone.

And he was proud to have honoured this commitment.

"Having been a spokesman in a strong way for Independence, I felt if I was defeated I should not continue on when people feel as though I should not be there.

"Two weeks ago I told my party if Bermuda did not support Independence I would step down immediately as party leader, and that a replacement should be found as soon as possible.'' Sir John said only two options faced him after stepping down.

"I could leave politics altogether, or I could return to the backbenches. I have decided to return to the backbenches. I could not just go on and on being leader. Fourteen years, I think, is a long enough time.'' Sir John steered clear of openly aligning himself with any successor.

It is understood anti-Independence Government backbenchers Mr. Trevor Moniz and the Hon. Ann Cartwright DeCouto have been championing the cause of Tourism Minister the Hon. C.V. (Jim) Woolridge. (See story below.) Sir John, 60. avoided speculating about who could step into his shoes.

"It is a matter for the caucus and the members to decide.'' But would he throw his hat into the leadership ring, if persuaded he was the only man capable of healing the UBP rifts? And would he serve in the Cabinet of a successor? Sir John's forthright reply to both questions was the same: "No''.

As for the future of his party, Sir John was full of optimism, saying: "I believe it will pull together and have a very bright future.

And as for the future of Independence, Sir John said it was "finished'' for the time being as an issue in the UBP.

"I have not yet decided whether, as a backbencher, I will keep pressing for Independence.

"I have, however, always been strongly in favour of it. I just believe Bermudians need to have confidence in themselves.''