Boris Johnson hailed his "powerful new mandate to get Brexit done" as his party romped to victory in the 2019 General Election.
The Tory landslide prompted Jeremy Corbyn to announce he will not lead Labour into another election after his party suffered humiliation.
Lib Dem leader Jo Swinson also lost her seat to the SNP, who were set for a good night in Scotland.
But the big winner was Mr Johnson as the Tories won seat after seat in Labour's heartlands.
Mr Corbyn admitted it had been a "very disappointing" night.
The anti-war campaigner, who has represented Islington North since 1983, ran as an outside candidate for the party leadership in 2015 and managed to outlast two Tory prime ministers.
But facing his second General Election defeat, Mr Corbyn said that he would call it a day as leader as he was re-elected in his London seat.
He said he would discuss with the party how to ensure there was a "process of reflection ".
"I will lead the party during this period to ensure this discussion takes place."
The mood at Mr Johnson's count was much more upbeat as he declared: "It does look as though this One Nation Conservative government has been given a powerful new mandate to get Brexit done."
He added: "Above all I want to thank the people of this country for turning out to vote in a December election that we didn't want to call but which I think has turned out to be a historic election that gives us now, in this new government, the chance to respect the democratic will of the British people to change this country for the better and to unleash the potential of the entire people of this country.
"And that is what we will now do, and if we are lucky enough to be returned, as the exit polls seem to suggest, then that work will begin tomorrow... or as I should say, not tomorrow, today!"
Mr Corbyn's party, which had 243 MPs when Parliament was dissolved last month, is forecast to lose 52 seats, according to a BBC/Sky/ITV exit poll, which put the Tories on 368 seats.
The poll predicted Labour would win just 191 seats, the Scottish National Party 55, Liberal Democrats 13, the Brexit Party none, Plaid Cymru three and Greens one - giving Mr Johnson a majority of 86.
Such a poor result would be the worst for Labour in terms of seats since 1935.
However, they clung onto several North East seats including Newcastle Central, Sunderland Central, Newcastle-upon-Tyne East and Houghton and Sunderland South, but with much reduced majorities - and won Putney from the Tories.
The first results chimed with the exit poll prediction, as support for Labour slumped in its Brexit-voting heartlands.
Some of the biggest scalps of the night were not Labour's.
DUP Westminster leader Nigel Dodds - whose party propped up Theresa May's administration - lost his Belfast North seat to Sinn Fein.
Tory former minister Zac Goldsmith lost to the Lib Dems in Richmond Park.
But Labour's vote crumbled across its heartlands.
The first big upset came as the Tories won Blyth Valley with a 10% swing from Labour - a seat they had held since 1950.
Shadow environment secretary Sue Hayman lost Workington on another 10% swing to the Tories.
And former minister Caroline Flint lost Don Valley and rising Labour star Laura Pidcock lost Durham North West, also to the Tories.
Labour also lost Kensington, one of its most celebrated wins in 2017, when the Tories took the seat back by a margin of 150 votes.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel