A number of points after being up all night:
- Labour and the Lib Dems may not have the number of seats to get a majority. Therefore it is likely that Tories will form a minority government, but Cameron will have to accept electoral reform, which gives his party a long term problem;
- It's likely there will have to another election within a year;
- Assuming Clegg will not do a deal with Brown, Labour can only stay in office if the public will accept another unelected Prime Minister;
- Labour has to look to the future. It would be better for the party to regroup and elect a new leader in opposition. It would then be in much stronger position to fight the next election. Mandelson has to take this into account if he is considering keeping Brown in office;
- One further matter. Clegg has said the party that has 'more seats and votes has the moral authority to govern'.