5.07pm Swift reversal

This is astonishing. A Lib/Lab coalition is once again on the cards – and Gordon Brown falls on his sword to help it happen.

We could be in line for another unelected prime minister, and David Cameron may have let the keys to number 10 slip through his fingers.

5.05pm Brown to stand down

This is it. He’ll see through coalition talks, then stand down in time for a leadership election at the Labour Party conference.

So, farewell then, Gordon Brown.

5.04pm Labour to begin formal talks with Lib Dems

More shortly.