David Cameron will be returned for a second term as the UK Prime Minister with an expanded mandate for his Conservative Party.
The BBC is projecting that the Conservatives will come within a single vote of being able to govern alone. But even if they come up short, Cameron will have a clear mandate to put together a government with the support of minor parties.
Miliband conceded it had been a “very disappointing and difficult night for the Labour Party”.
Labour has relinquished dozens of seats and failed to grab key marginals. It has been all but wiped out by the Scottish National Party in seats north of the English border.
The Liberal Democrats suffered even heavier losses and party leader Nick Clegg appeared to indicate he will step down.
The Conservatives, on the other hand, have picked up a few seats. A Government in the UK needs 326 votes in the House of Commons to command a majority.
In its latest projection, the BBC predicted the Conservatives would win 325 seats, Labour 232, the SNP 56, Liberal Democrats 12, Democratic Unionist Party 8 and UKIP 2.