Theresa May's gamble of calling a snap election appears to have backfired, the broadcasters' exit poll suggests.

The Conservatives are projected to win 314 seats, according to the exit poll conducted on behalf of Sky News, BBC and ITV News, numbers which suggest they will be 12 seats short of a majority.

Labour is set for an improved showing compared with 2015, with Jeremy Corbyn's party predicted to win 266 seats, an increase of 34 on its performance two years ago.

The exit poll team says there is a "serious risk" Mrs May will lose her overall majority - although this is "far from certain", given the exit poll has a margin of error of 20 seats.

A total of 326 seats are required for a Commons majority.

After the exit poll by Ipsos MORI/GfK was released, a Tory source told Sky News: "Let's wait and see. It's a projection. Long night ahead."