Britain's Prime Minister Theresa May waits to speak after retaining her seat at the count centre for the general election in Maidenhead, June 9, 2017. REUTERS/Toby Melville

LONDON (Reuters) - British politicians must get their act together and form a functioning government to protect the economy, business lobby group the CBI said on Friday after Prime Minister Theresa May’s Conservatives failed to win a majority in parliament.

With 645 out of 650 seats declared following Thursday’s vote, the Conservatives had won 314 seats and were therefore no longer able to reach the 326-mark they would need to command a parliamentary majority. Labour had won 261 seats

“This is a serious moment for the UK economy. The priority must be for politicians to get their house in order and form a functioning government, reassure the markets and protect our resilient economy,” CBI Director-General Carolyn Fairbairn said in a statement.

“For the next government, the need and opportunity to deliver an open, competitive and fair post-Brexit economy that works for everyone across all our nations and regions has never been more important.”