Voters in the United Kingdom punished the coalition government’s two political parties at local elections across the country on Thursday in what will be seen by many as a rejection of the government’s austerity.

However, in the country's most high-profile race, for mayor of London, incumbent Boris Johnson dodged the humiliating nationwide defeat for Prime Minister David Cameron by winning.

A little under two years since the Liberal Democrats and Conservatives formed a coalition government with the express aim of tackling Britain’s spiraling debt, voters have overwhelmingly voted for their opposition Labour rivals.

The results in Europe's third-biggest economy come just two days before France and Greece are to hold national elections, with markets watching both to see whether incumbent governments that have implemented austerity measures will be able to hold onto power.

With results declared in all 181 councils being contested across the country, Labour had gained 823 new councillors while the Conservatives had lost 405 and their Liberal Democrat coalition partners were down by 336.

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