• The Labour Party has triumphed in the UK general elections.
  • UK Prime Minister Rishi Sunak has conceded defeat to Labour Party chief Keir Starmer.
  • The party has been out of power since 2010 but won a landslide victory on Thursday.

The Tories are out, and the Labour Party is back in power.

UK Prime Minister and Conservative Party leader Rishi Sunak conceded defeat in the country's recent general elections on July 4.

"The Labour Party has won this general election, and I have called Keir Starmer to congratulate him on his victory," Sunak told reporters early on Friday morning in the UK.

"The British people have delivered a sobering verdict tonight. There is much to learn and reflect on, and I take responsibility for the loss," Sunak added.

Starmer's party obtained a landslide victory against Sunak's, winning at least 370 seats as of press time, per Bloomberg. A party only needs to obtain at least 326 out of the 650 seats to form a simple majority.

The watershed election marks the Labour Party's stunning return to power, as it has been out of government since 2010.

"A mandate like this comes with a great responsibility," Starmer said in his victory speech. "The fight for trust is the battle that defines our age."

Starmer also said in his victory speech that his party now plans to govern as a "changed Labour Party."

"I don't promise you it will be easy. Changing a country's not like flicking a switch. It's hard work. Patient work. Determined work. And we will have to get moving immediately," he said.

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