From the Independent:
David Cameron was today offered the keys to 10 Downing Street, after Liberal Democrat leader Nick Clegg said that the Conservatives had the “first right” to seek to form a government in Britain’s first hung Parliament since 1974.
The Conservative leader will give his initial public response in a statement at 2.30 this afternoon, but it was thought far from certain that he would accept any deal with the Lib Dems which included reform of Westminster’s first-past-the-post voting system.
Tories do not have the voting strength to maintain an outright majority in the new House of Commons, but may hope to govern as a minority administration with support from Northern Irish unionists, rather than offer the electoral reform that is likely to be an essential condition of any deal with the Lib Dems.