David Cameron was today preparing for a second term as prime minister after Labour’s meltdown in Scotland left the Conservatives on the brink of a majority.
The Tories defied expectations that the race to 10 Downing Street would go down to the wire, cruising to what was expected to be a comfortable victory in the end.
Speculation mounted that Ed Miliband would resign as Labour leader within days after a disappointing night in England – and a catastrophe north of the border.
The party’s slump even left the prospect of a majority in the Commons within Mr Cameron’s grasp, with the exit poll putting the party within just 10 seats of the 326 required.
Even if the Conservatives narrowly fail and it is another hung parliament, they could look to secure a formal or inform deal with the DUP of Northern Ireland or the Liberal Democrats to remain in power.
The Lib Dems face their own crisis, however, with huge losses on both sides of the border expected to leave the party with just a handful of seats.
Energy Secretary Ed Davey, Business Secretary Vince Cable and former deputy leader Simon Hughes were among the casualties, as was former party leader Charles Kennedy, with Chief Treasury Secretary Danny Alexander expected to follow.
The disastrous showing left Nick Clegg’s future in doubt, despite him having held on in his Sheffield seat.
He said he would be discussing his leadership with colleagues after a “cruel and punishing night for his party”.
Ukip polled well across England but was only expected to be left with a couple of seats. Elsewhere, London Mayor Boris Johnson will return to Westminster and Respect MP George Galloway will not.
In his victory speech, Mr Johnson said: “The people of Britain, after a long and exhausting campaign, have finally spoken.
“I think they have decisively rejected any attempt to take the country back to the 1970s. The people of this country want us to go forward with sensible, moderate policies.”
Labour’s former Cabinet minister Peter Hain, who stood down at the election, said there had been “a big, big revolt against the political class”, with the SNP and Ukip the beneficiaries, adding that “Labour has to learn the lessons from that”.
“This is devastating for us in Scotland, where an avalanche happened and swept us aside,” he added.
Douglas Carswell, who has been re-elected as Ukip’s MP for Clacton, said about five million people had either voted for Ukip or the Green party and that those people would be lucky to get a “tiny handful” of MPs.
“That failure to translate those five million votes into seats is less a translation of how my party or the Green party campaigned,” he said.
“Rather, it tells us how dysfunctional our political system has now become. Approximately four times more people voted either for the Greens or for Ukip than the SNP, yet the SNP is expected to get many more times the representation.”
Former Lib Dem leader Paddy Ashdown sent to a letter to Lib Dems members, saying: “Last night was a bitter night for Liberal Democrats. Perhaps most bitter of all, the results do not do justice to your hard work, dedication or passion.
“You have fought the campaign of your lives, and I am incredibly proud of you.”