A party needs to win 326 seats in the 650-seat House of Commons to form a majority government.
One of Britain's leading political figures says the exit poll projections following Britain's election, if accurate, would make it very hard for a new government to be formed. If accurate a hung parliament leaves Theresa May's position as leader in serious doubt and makes the process of Brexit incredibly uncertain.
"It's fair to say the City was pretty confident of a Conservative majority".
Such an outcome would have seemed impossible on that sunny day in April when Mrs May called her snap election.
If the incumbent government is unable to form a coalition big enough to rule, they may either resign and the largest opposition party may be invited to form a government, or they may try to continue to govern as a minority government.
A coalition generally needs more than 326 MPs in order to govern successfully, but, as Sinn Fein opts not to take their seats in the United Kingdom parliament, the number required can sometimes be smaller.
Instead of forming an alliance with the coalition-skeptical Liberal Democrats, Labour could also join forces with the Scottish National Party to topple the Conservative Party. The Labour has claimed its first five seats in northern constituencies and is forecast to win 266 mandates.
Mohamed El-Erian, chief economic adviser at Allianz, said: "With initial exit polls pointing to the Tories (Conservatives) losing seats and that Prime Minister May's early election gamble is not paying off, markets are pricing in a more complex outlook for policy implementation, including Brexit". "I'm a natural pessimist, and we'll see whether I'm an optimist in the morning, " he said.
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A Labour spokesman said: "If this poll turns out to be anywhere near accurate, it would be an extraordinary result". Corbyn told supporters at his final rally that Labour's campaign had "changed the debate and given people hope".
The BBC's projections are based on an exit poll and early results. The first two results from northeast England indicated that Labour is not doing as well as the exit poll suggested. "In 2015, they underestimated our vote, in a couple of elections before that, they overestimated our result".
Conservative campaign officials are understood to be skeptical. "It's important, but it's only one issue amongst several, " said 68-year-old Mike Peacroft.
Labour's shadow chancellor John McDonnell also warned against reading too much into the prediction, saying: "We have to have some scepticism about all polls at the moment".
He told BBC News: "If this poll is correct it would still point to the SNP winning the election in Scotland, which is what we set out to achieve".
The only example of an exit poll being wrong was 1992, where the exit poll put the Tories and Labour on 300 seats each.
The only way Corbyn would end up leading the country is if the Tories fail to win a majority and he is able to form a coalition Government with parties like the SNP, Lib Dems and Greens.
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