Francois Hollande elected president of France
David Cameron has called Francois Holland to congratulate him on his victory in the French presidential election.
A Number 10 spokesperson said: "They both look forward to working very closely together in the future and building on the very close relationship that already exists between the UK and France."
Francois Hollande has won the French Presidential election with 52% of the vote beating his predecessor Nicolas Sarkozy's 48%.
Speaking in Tulle the newly elected President said: "The change that I am offering for you must be to the expectations of France, it starts now."
He said he appreciated the eyes of Europe were upon him and he would bring a sense of "relief" and "hope".
"The idea that at long last austerity cannot be a fatality and this is the mission which is mine now. That is to give the European construction a dimension of growth and prosperity, of future and this is what we tell – as soon as possible – to our European partners, firstly in Germany."
Labour leader Ed Miliband said: "This new leadership is sorely needed as Europe seeks to escape from austerity. And it matters to Britain.
"In his own campaign, he has shown that the centre-left can offer hope and win elections with a vision of a better, more equal and just world."
In a very high turnout of 80.2%, Mr Hollande became France's first Socialist president for 17 years.
In his concession speech Mr Sarkozy said: "Francois Hollande is the President of France and he must be respected".
"I want to thank all of the French people who gave me the honour of having been the president of France for five years...never will I forget this honour."
Mr Hollande had vowed to rework a deal on government debt in eurozone member countries but George Osborne this morning insisted a victory for Mr Hollande would not threaten the overall austerity drive in France.
He told the Andrew Marr Show: “I don’t think it’s a problem. He’s not anti-austerity. What’s interesting about Francois Hollande is he has not actually departed from the message in France that you’ve got to deal with the French deficit. He’s made it very clear he wants to deal with the deficit. He wants to enact into French law a balanced budget rule.”