BREAKING NEWS: UK Polls: David Cameron Wins

UK’s Conservative party, led by David Cameron, wins effective majority in UK parliament with 324 seats, Reuters reports.

This is overturning predictions that the vote would be the closest in decades to sweep into office for another five years, with his Labour opponents in tatters.

The sterling currency, bonds and shares surged on a result that reversed expectations of an inconclusive “hung parliament” with Cameron jockeying for power with Labour rival Ed Miliband.

Instead, Cameron was due to meet Queen Elizabeth before noon to accept a swift mandate to form a government.

“This is the sweetest victory of all,” he told enthusiastic supporters at party headquarters. “The real reason to celebrate tonight, the real reason to be proud, the real reason to be excited is we are going to get the opportunity to serve our country again.”