The BBC reports:

The Conservatives are set to be the largest party in the Commons but just short of a majority, according to the general election exit poll.
The survey taken at polling stations across the UK suggests the Tories will get 316 MPs to Labour’s 239 when all the results have been counted.
It suggests the Lib Dems will get 10 MPs, the SNP 58, Plaid Cymru 4, UKIP 2 and the Greens two.
The exit poll was conducted by NOP/MORI for the BBC, ITV and Sky.

This morning, the Tories were expected to gain around 280 seats. Should they win 316, they’d be able to credibly form a minority government on their own — or, perhaps, to remain in alliance with the Lib Dems (or form an alliance with the DUP and UKIP) and reach majority status. (323 seats are needed for a majority.) Naturally, the Labour party is attempting to play the poll down, which should tell you all you need to know about what it would mean.