The UK’s opposition Labour Party has won 337 seats in the parliamentary election so far, implying it now holds a majority in the 650-seat strong House of Commons, Reuters reported on Friday, citing broadcaster ITV. 

326 seats are needed for a working majority in the House of Commons.

British Prime Minister Rishi Sunak conceded defeat in the national election, saying that “the Labour Party has won this general election and I have called Sir Keir Starmer to congratulate him on his victory.”

In his victory speech, Labour Party leader and the Prime Minister-elect Keir Starmer said, “today we start the next chapter -- begin the work of change, the mission of national renewal and start to rebuild our country.”

Starmer will replace Sunak as Prime Minister, ending 14 years of Conservative rule.

Market reaction

The UK election results fail to move the needle around the Pound Sterling, as GBP/USD keeps its range above 1.2750, as of writing.