Labour leader Jeremy Corbyn has called on the Conservatives to stand aside, saying "It's pretty clear who won the election".
The UK is waking up to a hung parliament this morning, as Theresa May's gambit to strengthen her mandate failed dismally.
Instead, the Tories look set to take just 319 seats, falling short of the 326 seats needed to form a government and 12 fewer than they had before the election.
Corbyn, who one betting firm has as favourite to be the next Prime Minister, said in an interview with Sky this morning that he was "ready to serve this country". He described his party's performance as "an incredible result" and that people had "voted for hope".
Labour added three million votes to its total, gaining 29 seats to make a total of 261.
"The arguments the Conservatives put forward have lost," he added.
Corbyn, who won his seat with a 30,000 majority, said the "party that's lost in this election is the Conservative Party". He added that Labour had instead been "elected to put forward a programme of ending austerity".
However no discussions have taken place regarding any coalition deals, he added.
Asked if the uncertainty created by a hung parliament was good for Britain, he replied: “A hung parliament is what we’ve been given, it’s up to MPs to deal with that.
“We have a huge mandate from a huge increase in our support to carry forward a programme that challenges austerity, that challenges poverty and challenges inequality and gives opportunities for young people, for people in the middle, and gives protection for older people."
Corbyn said he was now prepared to put his proposals on the NHS, education, and the pensions triple lock to Parliament. Regarding the imminent negotiations with the European Union, he said he wanted "a jobs first Brexit".
Meanwhile, John McDonnell has been more explicit, telling Sky that Labour was ready to go it alone in a minority government.
"The way that would operate is we'd put forward our own Queen's Speech and our own Budget as well, and then would expect other parties to vote for it."
He also told BBC Radio 5 Live: "We are offering to serve the country and form a government".