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| Live Blog: Con-Lib deal |
By Sophy Ridge
As the race to Number 10 heats up, join me for live blogging through the evening.
Gordon Brown has resigned with immediate effect after the Lib-Lab deal crumbled.
Meanwhile David Cameron is on the verge of becoming PM, in a coalition with Nick Clegg.
Click through to read the latest...
7.45pm:
Reports claim Brown plans to resign as an MP to work outside of politics, rather than stay on as a backbencher
7.20pm:
Brown has just resigned with immediate effect, paving the way for David Cameron.
He spoke quickly, clearly holding back his emotion, his voice cracking as he paid a tribute to his wife Sarah.
He ended his dignified speech simply: "Thankyou, and goodbye."
Full speech to follow, but here is an extract: "Above all it was a priviledge to serve... I loved the job for its potential to make this country I love fairer, more tolerant, more prosperous and more just.
"I have always strived to serve, to do my best in the interests of Britain.
"My resignation as leader of the Labor party will take effect immediately.
"Above all I want to thank Sarah for her unwavering support, as well as her love."
7.10pm:
A lecturn has just appeared outside No. 10 - looks like a statement from Gordon Brown is imminent. This is getting exciting.
7pm:
So what have the Tories conceded to get the Lib Dems on side?
I've already reported that a whopping six cabinet posts are going to Nick Clegg's party, according to sources.
William Hague has offered a referendum on an Alternative Vote system - a watered down version of Proportional Representation.
The Tories are also reportedly prepared to adopt the Lib Dem's policy of increasing the tax free allowance on income tax to £10,000, helping low paid workers.
Meanwhile, the Lib Dems have allegedly dropped their policy for an amnesty for illegal immigrants and the Tories are reportedly scrapping their married tax allowance.
6.20pm:
Sources say the Lib Dem and Tory negotiators are close to reaching a deal.
Gordon Brown is currently in his office with his wife Sarah, Peter Mandelson, Ed Miliband, Ed Balls, Douglas Alexander, Alastair Campbell and his aide Sue Nye. He has also spoken by phone to Tony Blair.
5.45pm:
Sharp-eyed journalists at the Guardian have captured Nick Clegg holding an incredible "shopping list" of demands, which you can see HERE.
The "shopping list" is:
1. Red lines: Trident, Europe, Immigration.
2. Alternative Vote
3. Money (i.e. party funding)
4. Fixed term parliaments
5. Posts (i.e. how many Lib Dems will be in Cabinet)
6. MPs (i.e. how many Lib Dems will be ministers)
5.30pm:
It seems that Nick Clegg's brief flirtation with the Labour party has paid dividends - I'm hearing he has sealed an astonishing deal with the Tories after three and a half hours of talks today.
Rumours are circulating that David Cameron has offered him SIX cabinet posts, plus the title of Deputy PM.
This means we are likely to see Chris Huhne, Vince Cable, Danny Alexander and co. in government.
I've also heard from a Tory source that Theresa May is likely to fall on her sword to make space. If this is true, we're in for an incredibly male dominated cabinet. Nick Clegg hasn't got many female MPs to choose from either.
Speculation is mounting, but we're unlikely to hear a decision before 7.30pm when the Lib Dems are holding a joint meeting of their MPs and federal executive. The Tories are meeting half an hour later.
I'll be blogging as the action unfolds to keep you up-to-date with these extraordinary talks.
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