UK election: Exit poll predicts Labour landslide; Reform tipped to win 13 seats

(Sharecast News) - The British Labour Party looked to be on course for a landslide victory with a 170 seat majority, according to an exit poll released as voting closed at 2200 BST. The result would put Labour leader Keir Starmer in Downing Street with 410 seats, a gain of 209. The ruling Conservative Party presence was slashed by 241 to 131 seats. The big surprise is the rise of the far-right Reform Party - a limited company led by the agitator Nigel Farage - which was forecast to take 13 seats.

In third place come the Liberal Democrats with 61 seats, up 53, while the Scottish National Party having a bad night, holding onto only 10, a loss of 38.

At the 2019 general election the Conservatives had a majority of 80, with 365 seats to Labour's 203.

"The exit poll has provoked little volatility in foreign exchange markets, as the expected Labour landslide is duly predicted. The stability that would be provided by such a win would mean investors can cross 'UK political risk' off their list of worries for the time being," said Chris Beauchamp, chief market analyst at online trading platform IG.

"While there is a long night ahead of us, the focus now shifts across the channel to France, where Sunday night's election could have bigger ramifications."

Reporting by Frank Prenesti for Sharecast.com