Former Labour home secretary Charles Clarke lost his Norwich South seat to the Liberal Democrats today.
Mr Clarke, an MP since 1997, said he was "sad" but accepted the "decision of the people".
He said Labour had done "tremendous things" in the city.
Former mathematics teacher Simon Wright, 30, won the seat for the Liberal Democrats by 310 and told supporters he was "greatly honoured".
The Conservatives claimed third place ahead of the Green Party.
Mr Clarke, also a former education secretary, had backed himself to beat the Liberal Democrats.
He said he had bet £10 that he would retain the seat at odds of 5-2 - giving himself a potential return of £35, including stake money.
But he ended the night out of office and £10 worse off.
Mr Clarke, 59, who attacked Gordon Brown two years ago, refused to discuss the national picture and did not point the finger of blame at anyone.
"Over the last 13 years, I believe Labour has achieved magnificent things both in this city and in the country," he said.
"I believe that in the future things have to be thought through."
He added: "I blame my loss on the fact that we were not able to make our case."
Asked for his views on Mr Brown, he replied: "I have nothing to say on that."
He added: "I believe people decided they wanted a change and that is what they are going to see."
