The Conservatives made gains in England and Wales and are forecast by
the BBC to secure 331 seats in the Commons, giving them a slender
majority.
Labour leader Ed Miliband said he would stand down on Friday, saying his party must "rebuild" with a new leader.
Lib Dem leader Nick Clegg has also said he will quit, with his party set to be reduced from 57 to eight MPs.
UKIP
leader Nigel Farage is also quitting after he failed to win Thanet
South, losing by nearly 2,800 votes to the Conservatives.
In other election developments:
- The BBC forecast, with 643 of 650 seats declared, is Conservative 331, Labour 232, the Lib Dems 8, the SNP 56, Plaid Cymru 3, UKIP 1, the Greens 1 and others 19.
- The Conservatives are expected to get a 37% share of the national vote, Labour 31%, UKIP 13%, the Lib Dems 8%, the SNP 5%, the Green Party 4% and Plaid Cymru 1%.
- Ed Miliband steps down after a "difficult and disappointing" night for Labour which saw Ed Balls lose and Jim Murphy and Douglas Alexander defeated by the SNP
- Nick Clegg said he would quit as leader after a "crushing" set of losses, which saw Vince Cable, Danny Alexander, David Laws, Simon Hughes and Charles Kennedy among a slew of Lib Dem casualties
- George Galloway, who was reported to the police for retweeting an exit poll before voting ended, has lost to Labour in Bradford West
- Nigel Farage has quit as UKIP leader after failing to be elected - although he may stand in the ensuing leadership contest. Douglas Carswell retained his Clacton seat
- Conservative minister Esther McVey was the highest-profile Tory loser, defeated by Labour in Wirral West
- The Green Party gets one seat after Caroline Lucas retains the Brighton Pavilion constituency she won in 2010
- Turnout is expected to be 66%, marginally up on 2010 and the highest since 1997
The Conservatives have now won the 326 seats needed to form a
majority administration, meaning they are able to govern without the
need for a coalition or formal agreement with other parties.
Mr
Cameron all but declared victory in a speech after being returned as MP
for Witney, in which he set out his intention to press ahead with an
in/out referendum on Britain's membership of the European Union and to
complete the Conservatives' economic plan.
"My aim remains simple - to govern on the basis of governing for everyone in our United Kingdom," he said.
"I
want to bring our country together, our United Kingdom together, not
least by implementing as fast as we can the devolution that we rightly
promised and came together with other parties to agree both for Wales
and for Scotland.
"In short, I want my party, and I hope a
government I would like to lead, to reclaim a mantle that we should
never have lost - the mantle of One Nation, One United Kingdom. That is
how I will govern if I am fortunate enough to form a government in the
coming days."
Mr Cameron later returned to Downing Street with his
wife Samantha and is now having an audience with the Queen at
Buckingham Palace.
Chancellor George Osborne said the
Conservatives had been "given a mandate to get on with the work we
started five years ago" and would follow the "clear instructions" of the
British public.
However, Work and Pensions Secretary Iain Duncan Smith acknowledged that governing with a small majority was difficult.
"Whatever
else we now do we keep it simple, we keep it focused and we absolutely
stick to our manifesto commitments," he told the BBC.
He said the party would deliver an EU referendum as it was a "red line".
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