The British Prime Minister Rishi Sunak has conceded defeat following the parliamentary elections, marking a shift in British politics.

"The Labour Party has won this election. Today, power will change in an orderly and peaceful manner. This is the judgment passed by the British people to wake us up. There are many things to learn and reflect on. I take responsibility for this loss," Sunak said in a statement.

Exit polls indicate that after 14 years of Conservative rule, the Labour Party has emerged victorious in the early elections.

The Labour Party is projected to secure 410 seats, while the Conservatives are expected to obtain only 131. Keir Starmer, the leader of the Labour Party, is set to become the next Prime Minister.