Jeremy Corbyn said he will step down as Labour Party leader with exit polls showing that his party was on course for a crushing defeat in the Dec. 12 poll, while the Conservative Party looked set to bag a governing majority.

"I will not lead the party in any future general election campaign. I will discuss with our party to ensure there is a process now of reflection on this result and on the policies that the party will take going forward," Corbyn said in a speech following the elections.

The Labour Party, which pledged a second EU referendum during their campaign, was predicted to win 191 seats in the 650-member House of Commons, in what would be the worst performance since 1935, compared to 243 seats before the elections, according to an exit poll.

Labour lost long-held constituencies such as Darlington, Sedgefield and Workington to the Conservatives, BBC News reported. Seats in Bishop Auckland and Blyth Valley, which have historically voted Labour, were also claimed by the Tories.

Prime Minister Boris Johnson's Conservative Party was projected to win 368 seats, up from 298, handing the Tories a comfortable majority.

Liberal Democrat leader Jo Swinson lost her seat in East Dunbartonshire to the Scottish National Party, The Guardian reported.

The pound was trading 2.29% higher against the U.S. dollar shortly as of 11:52 p.m. ET.