With the counting of votes currently underway, trends showed the Labour Party is leading in 320 seats.

Conservative Party is trailing far behind with only 68 seats.

The majority mark in the 650-seat House of Commons is 326.

Conceding defeat, Sunak said: "The Labour Party has won this general election."

"Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country's stability and future," he said in his first address to supporters after the loss.

"I am sorry. I take responsibility for the loss," he said.

Labour leader Keir Starmer will become the next Prime Minister of the country.

Addressing his party supporters, Starmer said: "Thank you. We did it. Change begins now."

"You all have changed our country," he said amid cheering supporters who clapped as their leader revealed the vision of his leadership for the upcoming government.

He said the party has to work to ensure the politics of the nation is transformed into public service.