Britain's Jeremy Corbyn calls for PM May to quit after election losses

Corbyn made his own bid to govern, saying that Labour was "ready to serve this country". With votes still being counted, May's officials said she plans on naming Cabinet ministers later in the day.

"Theresa May has no intention of announcing her resignation later today", BBC political editor Laura Kuenssberg told BBC radio, adding, however: "It's not clear to me whether they're trying to kill the rumours off before she truly makes her mind up".

The pound dived from $1.2959 to $1.2674 after it was confirmed the Conservatives had lost their majority.

"This exit poll is a thunderbolt that leaves only two outcomes realistically in play: a slender Tory majority or a hung parliament".

May experienced a gradual slide during the campaign period, in which a wide gap between the Conservatives and Labour narrowed.

"This election was called in order for the prime minister to gain a larger majority in order to assert her authority".

Shadow foreign secretary Emily Thornberry said Labour "could form the next government" and would attempt to do so as a minority government if results allowed, rather than seeking to form a coalition with other progressive parties like the Lib Dems.

"I would have thought that's enough to go", Corbyn said after being re-elected in his Islington North constituency in central London.

Well the mandate she's got is lost Conservative seats, lost votes, lost support and lost confidence. "That would prevent another election, because I think people have had enough of elections".

And the bookies agreed - Corbyn surged past May as favorite to become next prime minister, according to gambling firms Ladbrokes, Paddy Power, and Betfair Exchange. This will test cross-party support for her pre-election pledges. Far from extending her majority as predicted, May lost it altogether.

But Labour had potential allies too, not least the Scottish National Party (SNP) who suffered major setbacks but still won a majority of Scottish seats.

Despite campaigning against Brexit, Labour has accepted the result but promised to avoid a "hard Brexit", focusing on maintaining economic ties with the bloc. I think in a couple of elections before that they overestimated our vote.

She held talks Friday morning with Northern Ireland's Democratic Unionist Party, reaching a quick understanding before planning to seek Queen Elizabeth II's permission to form a government.

A prominent Brexiteer during the European Union referendum, Gove failed in a 2016 bid to lead the party when his decision to abandon Boris Johnson and run himself was viewed as treacherous by some fellow lawmakers. And with Theresa May having already triggered Article 50, meaning that the clock is ticking towards the United Kingdom leaving the European Union at the end of March 2019 before calling what always looked to be a very reckless election. What's certain is that it was not one May, nor the Conservative party, did. Sterling fell more than two cents against the USA dollar.

Asked if the uncertainty created by a hung parliament was good for Britain, he replied: "A hung parliament is what we've been given, it's up to MPs to deal with that". The latter was highlighted most egregiously by the "dementia tax", a campaign promise to have elderly people with savings and property valued at more than £100,000 pay for their own old-age care and, if they couldn't, have the cost deducted from their estate after their death.

The two terrorist attacks that occurred during the campaign-first in Manchester, then last weekend in London-did not, as might have been expected, buttress the Conservative side.

The Conservatives also struggled this week in the wake of the London Bridge terror attack after Labour successful shifted the debate onto cuts in the numbers of police officers under Mrs May when she was home secretary.

On a nerve-racking night for the Conservatives, interior minister Amber Rudd held on to her seat by a whisker, while several junior ministers were swept away.

Brexit is also now up in the air - as even David Davis admitted.

Realistically, it will be up to either May or Corbyn to rally the support of the smaller parties to create a coalition party, and whoever gets to 326 seats first is essentially the victor.

Ed Balls, a former Labour Treasury chief, said it would hurt May's negotiating position with Europe.

Analysis suggested Labour had benefited from a strong turnout among young voters.

The losses complicate the SNP's plans to push for a new referendum on Scottish independence as Britain prepares to leave the EU.