Investing.com - Boris Johnson's Conservative Party has officially won the 2019 U.K. general election, with polls predicting a final parliamentary majority of between 78-82 seats for the party.
By 06:30 GMT, the Conservatives had declared 360 seats, marking a strong majority in parliament for the Tory party. Johnson said on Friday morning that the win represented a powerful new mandate 'to get Brexit done'.
The official election count is still underway from the U.K.'s 650 constituencies, however more than 326 seats have been declared in the Conservatives' favour, confirming the victory.
A win for Johnson should help ensure the U.K.'s smooth exit from the European Union.
The U.K. is scheduled to leave the EU on Jan. 31, and a sizeable majority for Johnson ensures his government will be able to get his Brexit deal through parliament without delay.
U.S. President Donald Trump tweeted his congratulations to the U.K. Prime Minister, saying that trade negotiations would be underway shortly. The president tweeted: "Congratulations to Boris Johnson on his great WIN! Britain and the United States will now be free to strike a massive new Trade Deal after BREXIT. This deal has the potential to be far bigger and more lucrative than any deal that could be made with the E.U. Celebrate Boris!"
The opposition Labour Party, led by Jeremy Corbyn, lost up to 59 seats to both the Scottish National Party and Conservative Party. The SNP picked up gains from all three major U.K. national parties, even unseating the Liberal Democrat leader Jo Swinson.
Following the appalling loss for the Labour Party, Jeremy Corbyn indicated he would not fight another election as leader.
The British pound jumped after the first U.K. exit poll showed Thursday the ruling Conservative party would secure a large majority in parliament.
At 06:20 GMT, GBP/USD surged 2.3% to 1.3469, the highest level for cable in more than a year. EUR/GBP was down 1.86% at 0.8294.