Prime Minister Keir Starmer announces his cabinet, with Rachel Reeves becoming the UK's first female chancellor
Angela Rayner is made deputy prime minister, Yvette Cooper becomes home secretary and David Lammy is the new foreign secretary
Wes Streeting, the new health secretary, says "the NHS is broken" and that talks on the junior doctor pay dispute will begin next week
Starmer vows to restore trust in politics and build a "government of service", in his first speech as prime minister
Rishi Sunak said he would resign as Conservative Party leader, after Labour's landslide victory in the general election
One PM out and another in... the day in 60 seconds
We're all eyes on Downing Street as we're expecting the outgoing Chancellor Jeremy Hunt to leave No 11 for the final time in a few moments.
Press watch live at the top of the page to follow along.
With just five seats left to announce, we'll soon have the full results from the general election.
If you're catching up, check out our handy guide to see an exact breakdown of the vote in your area.
With only a handful of seats left to declare, here's where things stand:
Hannah Miller
Political correspondent
Image source, PA MediaIt has been a record-breaking night for the Liberal Democrats as they smashed through Conservative heartlands.
Taking the seats of two former prime ministers, David Cameron and Theresa May – symbolic victories that demonstrate the depths of dissatisfaction among long-standing Conservative voters.
Their success relied on the crumbling Conservative vote. But it is also a victory of their own – the vindication of a strategy the party has pursued with since well before the election was called.
What was that strategy? Targeting the seats where Liberal Democrats had previously come second with a laser-like focus, eyeing up not their national vote share, but their canvas returns in seats where they had a hope of winning.
As a result Ed Davey now leads a party with a record number of MPs, even though its vote share (around 12%) has barely changed since 2019. It was almost twice as high as that (23%) when party went into coalition government in 2010.
Lib Dem leader Ed Davey was celebrating a strong result for his party at Thursday's general election – with a record number of Lib Dem MPs elected to parliament.
Davey tells the BBC that this increased number of MPs will allow his party to hold the government to account. Watch more below:
Simon Jack
Business editor
Financial markets barely moved when they opened this morning.
The pound and the stock market edged up a smidge, while government borrowing cost barely moved.
They don't like surprises and as historic as this result was - it’s one they were expecting.
A thumping majority gives a sense of stability and allows for what some have called a "dullness dividend".
From here markets will want to know whether that’s enough to get businesses to invest to stimulate the elusive growth that government needs.
Nearly all 650 seats have been declared - the latest one has just been announced in north London and it is a close one.
Labour's David Pinto-Duschinsky has taken the Hendon seat from the Conservatives by 15 votes following a recount.
Image source, PA MediaJournalists - including our own Leila Nathoo - are packing a rainy Downing Street ahead of the big moments this morning
So, we know now who will form the next government, but what's next? Here's a look at how the day will unfold:
We'll be here throughout it all.
Henry Zeffman
Chief political correspondent, reporting from Downing Street
Wow, wow and triple wow. We expected big changes tonight. We got that - and then some.
First off: We live in a parliamentary democracy with 650 seats elected under the first-past-the-post system. Labour is going to have a vast majority in Parliament - the party will govern essentially as it pleases.
That is the most important development for how we live our lives, for what this country is going to be like and become over the next four or five years.
And it’s an extraordinary turnaround for Sir Keir Starmer. Nobody — literally, nobody — in the Labour Party thought this was possible in the immediate aftermath of its dire defeat in December 2019.
But it’s also clear that additionally, there is a seething, complicated cauldron of anger and apathy out there.
Voters were clearly furious with the Conservative Party. But as well as going to Labour and in some cases the Lib Dems, they are more willing than ever before to consider parties outside the traditional mainstream — Greens, Reform UK and pro-Gaza independents.
That puts Labour on notice that we’re in an unusually volatile period - that the voters may be willing to turf them out rapidly if they fail. The evidence for that is there right now in Labour’s victory. Who’s talking about Boris Johnson’s inevitable decade in power now?
Welcome, perhaps, to the new age of volatility.
Jessica Parker
Political correspondent
Image source, ReutersRishi Sunak has left Conservative campaign headquarters after speaking to party staff - one insider said the PM gave “a very big thank you”.
He was inside for approximately 40 minutes.
Reform UK chairman Richard Tice has said his party is filling a "vacuum" on the right of British politics after his party gained four seats in the election.
Tice, who was elected in Boston and Skegness, in Lincolnshire, told Radio 4's Today programme "we have given the opportunity to millions of people... to vote with their heart and what they believe in".
He highlights what he calls the "injustice" of the first-past-the-post electoral system, adding that voters will be asking how the Liberal Democrats can secure "way less votes" but have more MPs.
The Lib Dems have so far gained 71 seats with about 3.5 million votes compared to Reform's four with more than four million votes.
Tice says demands for electoral change will "grow and grow".
He adds: "There's a huge vacuum on the right of British politics that we are filling."
Henry Zeffman
Chief political correspondent, reporting from Downing Street
Politics moves mercilessly fast. Some Labour contacts I'm talking to are already pondering Sir Keir Starmer’s cabinet appointments.
The cabinet is expected to look almost identical to the shadow cabinet. But there's a notable vacancy at culture, media and sport because Thangam Debonnaire, who had been shadowing that position, lost her seat to the Greens.
The two names I'm hearing most for that post are Chris Bryant, a former minister who had been part of Debonnaire’s shadow team; and Ellie Reeves, who had been Labour’s deputy campaign coordinator.
She is the sister of Rachel Reeves, who later today will be appointed chancellor.
Green Party co-leader Carla Denyer has described it is a "vote of confidence" to have defeated Labour's Thangam Debbonaire in Bristol Central.
She tells the BBC's Today programme: "It feels wonderful to have this vote of confidence from the people of Bristol Central and all over the country.
"We had a target in this election of going from one MP to four MPs, quadrupling our representation in the House of Commons. And we've achieved that."
She adds that her party will now seek to hold Labour to account.
"We will push them to be braver on the areas where we don't think they're going far enough. For example, in housing."
Image source, AFPAs the clock struck 22:00 BST, the projected results from the election exit poll were beamed across the BBC's Broadcasting House, predicting a Labour landslide
Image source, AFPIn the early hours of the morning Labour's victory was confirmed. Leader Keir Starmer celebrated the results at a victory rally at Tate Modern
Image source, AFPPrime Minister Rishi Sunak conceded defeat after holding his seat in Richmond and Northallerton, with his party suffering huge losses across the country
Image source, PA MediaIt was a jubilant night for the Lib Dems, who achieved one of their best results in decades. Leader Sir Ed Davey, pictured leaping, celebrated with his party in London
Image source, ReutersIt was a good night for Reform UK's Nigel Farage too, who has become an MP after winning in Clacton
Image source, PA MediaAnd the Green Party has had its most successful election night ever, winning four seats. One of those - Brighton Pavillion - was won by Sian Berry, celebrating here with supporters
You can see more on how Labour's landslide election win unfolded - in pictures - here.
After a devastating night for the Conservatives, here's a look at which top Tories survived the election.
If you're coming to this fresh, you might be wondering who's the prime minister during this slight limbo.
The answer is that it's still Rishi Sunak - until he formally tenders his resignation to the King.
As you'll have seen in the post below from our political correspondent Nick Eardley, that's expected some time after 10:30 BST.
Nick Eardley
Political correspondent
Hello from a rainy Downing Street.
Rishi Sunak is expected to leave No 10 for the last time at 10:30 BST.
He’ll travel to resign to King at Buckingham Palace, followed by Keir Starmer arriving to be appointed.
New Prime Minister Starmer is expected at No 10 around 12:20.
Image source, Getty ImagesA short while ago, a large white truck and a van arrived outside No 10.
This could a sign of change happening at Downing Street ahead of incoming PM Keir Starmer's arrival.
Jessica Parker
Political correspondent
Rishi Sunak has arrived at Conservative campaign headquarters in London where he is expected to talk to party staff.
There are now only a handful of seats left to declare. So stay with us for the full picture.