UK General Election 2015

David Cameron is back at Downing Street #GE2015 http://t.co/jS1w5QYeaI pic.twitter.com/aSwJbYOWuK

— PoliticsHome (@politicshome) May 8, 2015

The jubilation among bankers and some companies will be tempered by worries about Cameron’s promise to hold a referendum on the EU in 2017, with some companies fearing it will damage trade with Europe and hinder foreign investment in Britain.

“The EU referendum is the event that creates a massive degree of uncertainty,” said Charles Allen, a senior analyst for Bloomberg Intelligence.

The success of the Scottish National Party, which made huge gains against Labour, will make companies in Scotland think again about whether they need to shift their headquarters to England, Allen said.

Retail companies are also expected to be winners from a Cameron victory, after Miliband promised to increase the minimum wage and scrap so-called “zero-hour” work contracts.

Banks And Businesses Welcome Cameron Win Despite Euro Fears (Bloomberg)

Earlier: While You Were Sleeping

Sinn Féin has lost Fermanagh and South Tyrone to the Ulster Unionists, in one of the biggest upsets of the general election in Northern Ireland.

All 18 seats have now been declared with eight DUP, four Sinn Féin, three SDLP, two Ulster Unionists and one independent elected.

The Tories are set to remain in power as the Scottish National Party sweep the board north of the English border on a deeply disappointing night for Labour and a devastating one for the Lib Dems.

A BBC/Sky/ITN exit poll predicted the Tories would be the largest power albeit short of an actual majority. The exit poll was greeted with shock as other polls had put Labour and the Conservatives neck and neck, but if anything the exit poll understated the Tory performance.

Meanwhile, the SNP look set to win every seat in Scotland bar three – one each for Labour, the Tories and Lib Dems.

Labour failed to make an impression on a host of Tory-held marginals they had to win to have any chance of getting Ed Miliband into Downing Street. In target constituencies like Nuneaton and Battersea the vote actually swung from Labour to the Tories.

Labour lost high-profile figures in Scotland, including its leader there Jim Murphy and shadow foreign secretary Douglas Alexander.

Employment minister Esthey McVey is the biggest loss for the Tories.

But the Lib Dems face an almost total wipeout, with business secretary Vince Cable, energy secretary Ed Davey, business minister Jo Swinson, former leader Charles Kennedy and long-time MP Simon Hughes all losing their seats.

In his victory speech in Sheffield Hallam, where Labour cut his majority to fewer than 3,000, Lib Dem leader Nick Clegg said it had been a “cruel and punishing” night for his party, and hinted that he would stand down as leader today.

Now get a shower.

We now hand over to our daytime election team.

Thanks for the tay.

A Labour party source has meanwhile said ED Miliband must resign this morning as well.