U.K. PM concedes defeat as Labour Party set for landslide election win

U.K. Prime Minister Rishi Sunak conceded defeat to the center-left Labour Party early Friday, which was projected to win by a landslide in the country's general election — delivering a huge blow to the ruling Conservative Party after 14 years in power.

The big picture: Incumbents are on a losing streak all over the world — particularly in Europe, where inflation has fueled voter discontent. In Britain, however, the Conservatives' looming defeat is largely of their own making.

Former U.K. Prime Minister Liz Truss, the shortest-serving prime minister in British history, was among several prominent Conservative Party lawmakers to lose their seat in the election.