"It is obvious that there will be a minority government and another election will be held before Christmas," Mike Hancock said.
According to the BBC poll tracker, the two major rivals in the upcoming elections are the Conservative Party and the Labour Party, each predicted to get about one third of the ballot.
Hancock stressed that a coalition scenario is quite unlikely as the Liberal Democrats, the third biggest party, are likely to gather about 26 of the total 650 seats in the House of Common, which would not be enough to form a majority government with either Labour or the Conservatives.
On Thursday, Brits will elect representatives to sit in the lower parliamentary house for the next five years.
Thursday's nationwide election leaves nearly all 650 House of Commons seats up for grabs as neither of the British parties are projected to win over one-third of the votes, leaving open the likelihood of a hung parliament.
