Rishi Sunak admitted Labour “has won this election” as he apologised for the Tories’ disastrous defeat.
The prime minister has already called Keir Starmer to congratulate him on taking over the reins in No.10.
He was speaking after being re-elected in his Richmond seat, albeit with a massively reduced majority.
Labour are on course to win a landslide 160 seat majority after the Conservative vote was decimated.
Sunak said: “The Labour Party has won this election and I have called Keir Starmer to congratulate him on his victory.
“Today power will change hands in a peaceful and orderly manner, with good will on all sides. That is something that should give us all confidence in our country’s stability and future.
“The British people have delivered a sobering verdict tonight. There is much to learn and reflect on and I take responsibility for the loss.
“To the many good, hardworking Conservative candidates who lost tonight, despite their tireless efforts, their local records and delivery and their dedication to their communities, I am sorry.”
In a victory speech in London, Starmer said: “We did it. You campaigned for it, you fought for it, you voted for it and now it has arrived.
“Change begins now, and it feels good, I have to be honest. Four and a half years of work changing the party - this is what its for. A changed Labour Party ready to restore Britain to the service of working people.”