Here's some early analysis from prominent party figures...

The general election of 1997 ushered in a completely new way of covering the night's political drama.

It's Tony Blair's first appearance of the night outside his home - and he's still urging caution, telling the press outside his home to "wait and see".

Labour holds on to Wrexham, with a lower swing of 7%.

Hearing from future chancellor Gordon Brown, who declares Labour is "ready to get to work".

He says it's not about looking to the past but an "endorsement for a new type of politics".

Peter Mandelson is grinning ear-to-ear as he speaks from Harrogate.

He puts the result down to the invention of New Labour, saying: "We were elected as New Labour and we'll govern as New Labour - we'll deliver what we have promised."

Deputy prime minister Michael Heseltine says it's time for the Conservatives to regroup and reunite.

He praises John Major as "an extraordinary leader" and predicts the consequences of a Labour government will become evident "more rapidly than people might have expected".

George Robertson - later defence secretary and Nato secretary-general - holds Hamilton South for Labour.

He says "we did it with Scotland and for Scotland".

Then Conservative Lord Archer tells Krishnan Guru-Murthy if the exit poll is correct his party "will have to regroup and consider our position".

He says if Labour wins they'll inherit the "strongest economy in Europe" and he hopes they don't "blow it".

Veteran BBC correspondents - more at home in battle zones than at constituency counts - John Simpson and Kate Adie are on hand to report from Tony Blair's constituency of Sedgefield and the then-PM John Major's count in Huntingdonshire.

The first seat of the night is declared for Labour's Chris Mullin - the 11% swing to Labour confirms the exit poll prediction.

As David Dimbleby talks of a landslide, Essex University Professor Anthony King says it's more than that.

He says if the exit polls are right it's more like “an asteroid hitting the planet and destroying practically all life on Earth”.

As is usual in the election coverage, there is live reporting from scores of constituency counts across the country, including the contests between David Mellor and Sir James Goldsmith in Putney; Neil Hamilton and Martin Bell in Tatton; and the declarations for Cabinet ministers including Michael Portillo, Malcolm Rifkind, Ian Lang and William Waldegrave.

Lib Dem leader Paddy Ashdown speaks to the press in Yeovil: "I never believe opinion polls but 18% would be a very good result" and would give the Lib Dems "a tremendous mandate".

He predicts a "strengthened position" for his party.