David Cameron has promised to lead a government for “one nation” and make “Great Britain greater” as he returned to Downing Street as prime minister.
Speaking outside No 10 after visiting Buckingham Palace, he said the UK was “on the brink of something special”.
The Conservatives have 330 seats – four more than needed for a Commons majority – their first such victory since 1992.
Mr Cameron’s rivals Ed Miliband, Nick Clegg and Nigel Farage have all resigned after election disappointment.
The Conservative leader is now beginning the process of putting together the new government, with senior Cabinet appointments expected to be announced later on Friday.
Mr Cameron said he would reach out to all parts of the UK and strive to “bring the country together” in the wake of the SNP’s election landslide in Scotland – where it won 56 of the 59 seats.
The Conservatives’ victory means they will be able to govern without the need for a coalition or a formal agreement with other parties.
Mr Cameron said he had spoken to both Mr Miliband and Mr Clegg, paying tribute to the latter’s contribution to the coalition government over the past five years.
Speaking in Downing Street, he said: “We will govern as a party of one nation, one United Kingdom.
“That means ensuring this recovery reaches all parts of our country, from north to south, to east to west.”
He said he would press ahead with devolution of powers to all nations as well as referendum on the UK’s EU membership.
“I have always believed in governing with respect,” he said “That’s why in the last parliament we devolved power to Scotland and Wales, and gave the people of Scotland a referendum on whether to stay inside the United Kingdom.
“In this parliament I will stay true to my word and implement as fast as I can the devolution that all parties agreed for Wales, Scotland and Northern Ireland.”
George Osborne, who is expected to remain as chancellor, said the Conservatives had been “given a mandate to get on with the work we started five years ago” and would follow the “clear instructions” of the British public.
‘Dark hour’
Speaking at Labour’s London headquarters, Mr Miliband said he had phoned David Cameron to congratulate him on his victory.
He said he would step down as leader with immediate effect after Labour won 26 fewer seats than in 2010, adding that deputy leader Harriet Harman would succeed him pending a leadership contest.
Labour, he said, needed an “open and honest debate about the way forward without constraints”.
“I am truly sorry that I did not succeed,” he told party supporters. “I have done my best for nearly five years.”
He added: “Britain needs a strong Labour Party. Britain needs a Labour Party that can rebuild after this defeat. We have come back before and we will come back again.”
Announcing his own exit as leader after more than seven years, Mr Clegg said the results – which saw his party reduced from 57 to eight seats – were the most “crushing blow” to the Liberal Democrats since they were formed in the late 1980s.
“This is a very dark hour for our party,” he told party supporters in London. “But we cannot and we will not allow the values of liberalism to be extinguished overnight. Our party will come back. Our party will win again.”
David Cameron has been congratulated on his victory by a number of foreign leaders.
Jean-Claude Juncker, president of the European Commission, said he would work constructively with the new UK government and would consider “proposals, ideas or requests” about the UK’s membership “in a very polite, friendly and objective way”.
Source: BBC