United Kingdom (U.K) Prime Minister Rishi Sunak has conceded defeat to the opposition Labour Party in the country’s general election.

Preliminary results that continue to pour in from around the UK point to a landslide victory for Labour Party, having secured 326 seats required for a majority in the House of Commons.

This puts an end to 14 years of Conservative rule.

“The Labour Party has won this general election and I have called Sir Keir Starmer to congratulate him on his victory,” Sunak said in his concession speech. “The British people have delivered a sobering verdict tonight. There is much to learn and reflect on, and I take responsibility for the loss.”

Sunak also took responsibility for the “many good, hardworking Conservative candidates who lost tonight… I am sorry.”

Sir Keit, the new PM, has declared “change begins now” after his landslide win.

“We did it, you campaigned for it, you fought for it, you voted for it and now it has arrived, change begins now.”

He added: “The sunlight of hope, pale at first but getting stronger through the day. Shining once again on a country with an opportunity after 14 years to get its future back.”

Results of 550 out of the 650 seats have been declared, with Labour expected to form a new government with a majority of at least 100.

The last Labour-elected Prime Minister was Tony Blair, who won a historic majority of 179 seats in 1997.