British Prime Minister and Conservative Party leader Rishi Sunak has conceded that the Labour Party has won the United Kingdom general election 2024 on Jul. 5 (Singapore time).

Sunak also said he took responsibility for his party's loss at the election, adding that "there is much to learn and reflect on" from the election results.

Sunak stated the above during his speech after being successfully re-elected as Member of Parliament (MP) for Richmond and Northallerton in northern England, reported The Guardian.

Despite Sunak's personal victory, his party suffered a "historical defeat", losing more than 240 seats in parliament as of the time of writing, according to BBC.

The Labour Party, who have already secured the majority seats in parliament, or more than 326 seats, will return to government for the first time since 2010, with its leader Keir Starmer as prime minister.

Sunak to resign as PM

Describing the verdict delivered by British voters as "sobering", Sunak said he had congratulated Starmer on the Labour Party's victory in the general election.

"Today, power will change hands in a peaceful and orderly manner with goodwill on all sides. That is something that should give us all confidence in our country's stability and future," he added.

Sunak also said he was "sorry" to the "many good, hardworking conservative candidates who lost" despite their "tireless efforts", "local records of delivery", and "dedication to their communities".

As for his next steps, Sunak revealed that he would head to London, where he would speak more about the election results, before offering his resignation as prime minister, a job he had "given [his] all", to King Charles III.

"I will then return [to Richmond and Northallerton] to my family's home, and I look forward to spending more time with [the constituencies] in the weeks, months, and years ahead," he added.

Sunak is also expected to resign as the leader of the Conservative Party, with some speculation over his successor. One possible replacement, Penny Mordaunt, lost her own parliamentary seat of Portsmouth North and is no longer eligible.

Labour speech promises 'national renewal'

In his election victory speech, Labour Party leader Keir Starmer thanked the voters and those who campaigned "so hard for change".

He said that his party is "ready to serve" Britain and is ready to restore it "to the service of working people".

One task for his party is to let Britain undergo a "national renewal" where "hardworking people who play by the rules" would be given "a fair chance" to achieve their goals, regardless of their background.

While acknowledging that "changing a country is not like flicking a switch", Starmer promised his party would put in the hard, patient and determined work required and "get moving immediately".

The incoming prime minister vowed to supporters:

"We said we would end the chaos, and we will. We said we would turn the page, and we have today. We start the next chapter, begin the work of change, the mission of national renewal, and start to rebuild our country."

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Top images via Keir Starmer & @StokeyyG2/X