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No need to pack up: Victory for Prime Minister David Cameron

BACK HOME: Prime Minister David Cameron with his wife Samantha

THE CONSERVATIVE party has won the 2015 General Election and David Cameron will remain the British Prime Minister for another term.

Cameron is back in Downing Street for a second term after the Conservatives defied predictions to trounce Labour and win their first outright majority in parliament since 1992.

The Conservatives made gains in England and Wales and are forecast by the BBC to secure 331 seats in the Commons, giving them a slender majority.

"We will govern as a party of one nation I've always believed in governing with respect," Cameron said outside No. 10 Downing Street.

Labour leader Ed Miliband stepped down this afternoon (May 8) after being all but wiped out by the SNP in Scotland and disastrous night in the polls elsewhere.

Announcing his immediate resignation, Miliband said: "I take absolute and total responsibility for this result."

He went on to thank his campaign team and then added: "And now it is time for someone else to lead the Labour party."

Black MP shadow business secretary Chuka Umunna is in the running - along with Andy Burnham and Yvette Cooper - to replace Miliband as the party's next leader.

Nick Clegg, leader of the Liberal Democrats and Ukip leader Nigel Farage have also resigned.

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