UK Prime Minister Rishi Sunak has conceded defeat in the country’s general elections as the trends showed that the Opposition Labour Party had won over 400 seats, while Sunak’s Conservative Party is ahead on 110.

“The Labour Party has won this general election, and I’ve called Sir Keir Starmer to congratulate him on his victory. 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,” Rishi Sunak said while addressing his supporters in Richmond and Northern Allerton.

“I am sorry. I take responsibility for the loss,” he added.

Sunak will tender his resignation to head of state King Charles III, with the monarch then asking Starmer, as the leader of the largest party in parliament, to form a government.

Keir Starmer’s Labour Party will come to power facing a daunting challenge, with a sluggish economy, creaking public services, and falling living standards – all factors which contributed to the Conservatives’ demise.

Keir Starmer will be Britain’s next prime minister with his centre left Labour Party expected to win a huge majority in a parliamentary election, ending 14 years of often tumultuous Conservative government by trouncing Rishi Sunak’s party.

Despite his convincing victory, polls have suggested there is little enthusiasm for Starmer or his party, and he comes to power at a time when the country is facing a series of daunting challenges.

Britain’s tax burden is set to hit its highest since just after World War Two, net debt is almost equivalent to annual economic output, living standards have fallen, and public services are creaking, especially the much cherished National Health Service which has been dogged by strikes.