After a snap election was called, the United Kingdom went to the polls yesterday following a closely fought election. The results from across the country are being counted and an overall result is expected in coming hours. Picture: Matthew Horwood/Getty Images

But in a shock exit poll, it transpired her party could face a hung parliament and end up with 314 seats, compared to 266 for Labour, 14 for the Lib Dems and 34 for the SNP.

So what happens if no party wins a General Election majority? Here’s the lowdown …

What is a hung parliament?

A hung parliament is declared if no party wins an outright majority by securing more seats than all the other parties combined.

In the UK, a party must win 326 of the 650 seats to secure an absolute majority — with the latest exit poll suggesting that a hung parliament is a real possibility.

Since 1929 there have only been two UK General Elections that resulted in hung parliaments — in 1974 and 2010.

The General Election in 1992 saw exit polls predict a hung parliament but the Tories held onto a slim majority.

According to the latest polls for the 2017 General Election, Theresa May is predicted to lose seats to Jeremy Corbyn.

The Conservatives are projected to end the night with 314 seats — down from the 331 David Cameron won in 2015 — while Jeremy Corbyn’s party is set to go up to 266.

The shock result has already seen the pound wobble, with it now down 1.7 per cent against the dollar.

British Prime Minister and Conservative Party leader Theresa May speaks at the declaration at the election count at the Magnet Leisure Centre on June 9, 2017 in Maidenhead, England. Picture: Matt Cardy/Getty Images.Source:Getty Images

Labour Leader Jeremy Corbyn waits on stage at the Sobell Leisure Centre during the Islington North declaration on June 9, 2017 in Islington, England. Picture: Jack Taylor/Getty Images.Source:Getty Images

When was the last hung parliament in the UK?

In 2010 David Cameron‘s Conservatives formed a coalition with the Liberal Democrats, which lasted for the five year fixed-term parliament.

That year the Conservatives won 306 seats, requiring the Lib Dems’ 57 seats for an absolute majority.

In 2015 the Conservatives won 331 seats.

What happens if no party wins a General Election majority?

The party with the most seats can choose to either form a coalition or rule as a minority government.

If the winning party decides to rule as a minority government it will be reliant on the support of smaller parties to pass legislature.

Or it can form a coalition with another party or parties so the combined number of seats amount to an absolute majority.

If both options fail, parliament could be dissolved and a fresh election called.

But Michael Fallon has urged 2017 voters to “wait and see”, with the Defence Secretary saying “exit polls have been wrong in the past”.

Will we have a hung parliament in the 2017 General Election?

The exit poll, which has historically been extremely accurate, suggests the Prime Minister will need to form a coalition if she is to be returned to No10.

Her gamble in calling a snap election to increase majority and strengthen her hand in the Brexit talks looks to have spectacularly misfired.

The disastrous result immediately throws into doubt her future as Conservative leader — as the knives will be out in the party after its lacklustre campaign.

At the start of the campaign Ms May enjoyed poll leads of more than 20 per cent, with some suggesting she would win the snap election with a majority towards 200.

But pollster Peter Kellner, the former head of YouGov, has said that the early results were not as strong as Labour would have liked, The Independent reported.

How often do exit polls get it right?

Exit polls have historically been extremely accurate.

The exit poll correctly predicted the winner of the 2015 election — David Cameron’s Conservatives.

And they got the 2010 result spot on too — predicting a hung parliament but with the Conservatives as the largest party.

The polls shocked commentators and the public — as election surveys carried out prior to the vote has showed it to be much closer.

Liberal Democrat leader Paddy Ashdown notoriously told the BBC’s Andrew Neil in 2015: “If this exit poll is right, Andrew, I will publicly eat my hat on your program.”

Hours later, he said on the BBC Radio 4’s Today program: “I think it’s the last time I will challenge an exit poll.”

The exit poll interviewed 22,000 people in 141 polling locations in 133 constituencies.