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All UK radio/TV media (not just the BBC) have to restrict their output to purely factual reporting on election day until the polls close.
http://stakeholders.ofcom.org.uk/broadcasting/broadcast-codes/broadcast-code/elections/
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6.4 Discussion and analysis of election and referendum issues must finish when the poll opens. (This refers to the opening of actual polling stations. This rule does not apply to any poll conducted entirely by post.)6.5 Broadcasters may not publish the results of any opinion poll on polling day itself until the election or referendum poll closes. (For European Parliamentary elections, this applies until all polls throughout the European Union have closed.)
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In reality it is much wider than that. Our reporting is purely factual anyway, but we still have to hold off until the polls close at 10pm. We have several packages filmed and ready to go but they're all on hold until then. Exit polls are factual - they're how people said they voted - but nobody puts them out till 10 as they could influence how people vote. All you will see until 10 is the leaders voting.
It's really boring but 3am tomorrow onwards should be proper exciting!
Nobody is banned from discussing the election. State supported media, basically the BBC, have a responsibility to remain politically neutral and balanced when reporting on it or providing a platform for political views and their discussion. That doesn't extend to all programming though and biased and unbalanced views can be portrayed in drama, entertainment shows and shows with a comedic and satirical style. The BBC usually adopts a policy of caution during purdah as do the other mainstream broadcast channels and radio. Obviously mainstream print media will continue to print any old shite in search of a quick buck.