Romney concedes, Barack Obama re-elected as US President

Barack Obama has won another four years as president of the United States, with Republican candidate Mitt Romney conceding defeat.

In a speech at his Boston headquarters, Romney said he had already called the president, and that he called on for his campaigners to support the president.

“This election is over, but our principles endure,” he said.

Obama already sent an email to his followers before Romney spoke publically, thanking them for their support and acknowledging the win.

Obama was called to win the key state of Ohio earlier today, with outlets including CNN, Fox News and NBC calling the state for the president.

While thousands of votes are yet to be counted in Florida, winning Ohio was a major step for Obama and would deliver him to 275 electoral votes – three more than he needs in order to win re-election.

However, critics have pointed out Obama has won, albeit with a lower margin than in 2008. The House of Representatives will still be controlled by the Republicans, meaning at least another two years of gridlock in the Congress.