UK PM Sunak concedes election defeat, says Labour has won
British Prime Minister Rishi Sunak conceded defeat in the national election on Friday, saying the opposition Labour Party had won.
"The Labour Party has won this general election and I have called Sir Keir Starmer to congratulate him on his victory," Sunak said after winning his parliamentary seat in northern England.
"Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country's stability and future ."
Keep updated, follow The Business Standard's Google news channel
In line with tradition, Sunak will be expected to vacate Downing Street quickly – in contrast to other democracies such as the US, where the transfer of power is slower.
As the leader of the party that's expected to achieve the second-highest number of MPs, Sunak will become the leader of the opposition – though it remains to be seen whether he chooses to stay as the head of his party.
