The Conservative Party looks set to win the general election with an overall majority of 86 according to the exit poll.
It would mean the party would have gained 50 seats, taking it to a total of 368, and would be the biggest majority for Boris Johnson's party since 1987.
As polling stations closed at 10pm Labour has been forecast to lose 71 seats, bringing its total down to 191.
Ballot papers are being sorted and votes counted
The joint broadcasters poll also suggested that the Liberal democrats would come away with 13 seats, gaining just one, while the SNP could gain 20 to rech 53 in total.
Meanwhile, the poll has predicted Nigel Farage's Brexit Party to take no seats and the Greens could take one.
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Conservative Dominic Raab said the party was still "cautious" but told talkRADIO's Julia Hartley-Brewer: "Clearly the indecision, the dither, the prospect of Jeremy Corbyn navigating his way through that seems to have been resoundingly rejected."
If the exit poll is correct, Labour is on course for its worst performance at a general election in terms of seats since 1935.
People's Vote campaigner Alastair Campbell told talkRADIO it was "devastating for the Labour Party".
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But the former aide to Tony Blair added: "Some of us saw it coming in that I think the country decided some time ago that Jeremy Corbyn is not going to be Prime Minister."
Shadow chancellor John McDonnell said the exit poll was "extremely disappointing", adding that Brexit had dominated the campaign.
Brexit Party chairman Richard Tice said the party had "clearly played a massive role in reducing Labour votes and seats, thus changing the course of political history".
The SNP leader said the indication was 'grim' for the UK
Nicola Sturgeon tweeted: "Exit poll suggests good night for @theSNP - but it is just an exit poll and there are many marginals, so let's just wait and see. What it indicates UK wide though is grim. #GE19."
The Green Party's Caroline Lucas said that if it is correct, the poll is a "devastating blow for our climate, for future generations and for our democracy".
The pound soared against the dollar and the euro as the estimate was released.
A pound was up 1.85 per cent to 1.342 dollars and up 1.09 per cent to 1.202 euros within minutes of the announcement.
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