Speaking at his party's headquarters, Paul Nuttall has announced he is standing down as UKIP leader, saying it "has been a honour" to head the party.

"It is clear UKIP requires a new focus and new ideas," he said.

Loughborough MP Nicky Morgan says "this is not the result any of us wanted when the prime minister called the election" - but she thinks Theresa May should still lead the Conservative party.

She said she "really feels" for colleagues who have lost their seats.

While the result "will make life difficult", she says of Mrs May:

She admits "there will be discussion within the Conservative party, obviously, about the campaign".

Diane Abbott's "landslide" in Hackney North and Stoke Newington, where she increased her majority by 12.2% to poll 42,265 votes - three-quarters of the electorate - was "the best response to her critics", according to the Independent's Josh Withey, external.

Ms Abbott was temporarily replaced as shadow home secretary on the eve of the election, with Labour saying she was unwell. She had been criticised after getting her figures wrong in radio interviews during the campaign.

Withey writes: "Despite the barrage of negativity from the other side of the aisle, and a torrent of vile sexist and racist abuse on Twitter, Ms Abbott can hold her head high once again after returning a stupendous victory."

The north London MP tweeted, external that she was "humbled to receive an increased majority of over 35,000 in Hackney North & Stoke Newington".

Mid-morning on the London share market, the FTSE 100 index is up by 45 points or 0.6% at 7495.

A lot of the companies that make up that index have operations overseas, so the weaker pound - down 1.7% after this morning's results - provides a boost to their profits reported in sterling.

The wider FTSE 250 which contains more UK-focused firms is down 172 points or 0.8% at 19,571.

The United Kingdom Independence Party's share of the vote is collapsing - social media is responding.

Despite the general election results map being covered in Conservative blue, Theresa May and her politicians have failed to get a majority.

Emily Maitlis
Newsnight Presenter

Election 2017

The Federation of Small Businesses (FSB) has released a statement calling for political stability and a delay to the beginning of Brexit talks.

Its national chairman, Mike Cherry,said: “In the coming hours and days, business needs immediate reassurance from the government that emerges about how it will protect the economy from any political turmoil.

"The UK must be seen to remain open for business, with a government committed to supporting enterprise."

But he said Brexit negotiations should be led by a government and a prime minister "that will be in place for the duration". So he said the FSB was calling for a delay to the start of the talks, due to start in 11 days' time.

Today Programme
BBC Radio 4

Image source, Getty Images

MEP Sophie in 't Veld, who is deputy to Guy Verhofstad, lead Brexit negotiator for the European Parliament, says the mood in the EU today is "not one of glee" rather one of concern.

She says Brexit poses huge challenges to both the UK and EU and talks should begin as soon as possible.

However, she bristles at reports that Theresa May is concerned the EU might try to delay Brexit talks, saying that it is the Conservatives who have delayed negotiations by calling this election.

"This is not a time for political posturing. We have big challenges that we have to face so everybody has to take their responsibility."

How have the UK newspapers been covering the election result?

Take a look at today's front pages here.

Brexit negotiator Guy Verhofstadt has condemned the result as an "own goal" for Mrs May, while Bernie Sanders, former US Democratic presidential nominee, said he was "delighted" to see Labour do well.

You can read how the shock outcome has gone down with leaders around the world here.