The U.K.'s parliamentary election has resulted in a hung parliament in which no one party has a majority of the 650 seats, the first such outcome since 1974.
With 34 electoral districts yet to declare, the opposition Conservative Party was set to be the largest grouping in the new legislature. But with 291 out of the 616 constituencies that have declared, it now can't win the 326 seats needed to secure an overall majority.
The result means the U.K. faces continued uncertainty over who will be prime minister and what the shape of the next government will be, an outcome that put pressure on U.K. assets as London trading geared up early Friday.
Conservative Party leader David Cameron could seek to form a coalition with the Liberal Democrats or go it alone and lead a minority government.
Labour Party Prime Minister Gordon Brown could also seek to cobble together a coalition. But with the Liberal Democrats suffering a hugely disappointing election result, the combination of Labour and the Liberal Democrats may fall short of a majority.
The results so far represent a 92-seat net gain for the Conservatives, a net 86-seat loss for Labour and a surprise net loss of six seats for the Liberal Democrats, whose poll ratings had soared earlier in the election campaign.
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