London, May 8: Prime Minister David Cameron was set to return as the prime minister of the United Kingdom for the second term after his Conservative Party put up a strong showing in the May 7 general elections. [British Indians get closer to Conservatives]
Leader of Labour Party Ed Miliband conceded defeat on Friday morning and apologised to his MPs who lost in the election. He said he was "deeply sorry" for a "very disappointing and difficult night".
Cameron, on the other hand, said the Conservative Party enjoyed a "very strong night".
The Conservatives had won 304 of 650 seats with an exit poll indicating that they were on the track to bag 316 seats in the House of Commons, just 10 seats short of a majority but with several options to make up for that. Some quarters, however, suggested that Conservatives winning 325 seats by themselves is not impossible either.
The Labour won in 224 seats while the Scottish National Party in 56 seats.
In Scotland, which is known to be a Labour stronghold, the nationalists appeared to have won almost in every constituency and the result is likely to fuel the momentum for Scottish independence. Last year, Scotland went to a referendum for independence in which the pro-independence voice lost by 11 per cent vote share. [Scotland says No to independence]
David Cameron, who is scheduled to meet the British Queen later in the day for an expected prime ministerial nomination, will be the first prime minister since Margaret Thatcher in 1983 to gain seats.
Sterling gained more than 2 cents against the dollars to rise above $1.55 for the first time since February after the trending results came out.