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'Bear with us' urges Nick Clegg 'Bear with us' urges Nick Clegg
(41 minutes later)
Nick Clegg has asked people to "bear with us" a bit longer as the Lib Dems and the Tories enter a third day of negotiations on forming a government. Nick Clegg has asked people to "bear with us" as the Lib Dems and the Tories enter a third day of negotiations.
The Lib Dem leader said all political parties were "working flat out" to find a solution after the UK general election resulted in a hung parliament. The Lib Dem leader said the parties were "working flat out" to agree on a new government after the UK general election resulted in a hung parliament.
It follows six hours of negotiations on Sunday and Mr Clegg's separate talks with David Cameron and Gordon Brown. Senior Tory William Hague said they were discussing "specific ideas and proposals" and were "optimistic".
Labour Chancellor Alistair Darling said he hoped a decision was reached today. Labour Chancellor Alistair Darling said the Tories and Lib Dems had to make a decision on doing a deal "today".
He told BBC Radio 4's Today programme: "I don't think it would do any good to let this process drag on. I understand that the Liberals and the Conservatives are engaged in talks today, I hope by the end of today they will decide whether they can do a deal or not." Mr Clegg and Conservative leader David Cameron had a 30-minute telephone conversation on Monday morning, following face-to-face talks on Sunday.
EU talks Short of majority
He added: "I'm not saying that tomorrow's the end of the world but I just make the general observation that there does come a point in any negotiations - either you can do a deal or you can't." The Tories won the most votes and MPs in Thursday's election, but are short of a majority and are seeking support from the Lib Dems to form a government. If talks between them fail, Labour has offered the Lib Dems talks and Mr Clegg also met Gordon Brown on Sunday.
There had been some fears that the pound and shares would suffer if a deal was not done by the time markets opened on Monday. As the Lib Dem and Tory teams continue negotiations - following more than six hours of talks on Sunday - senior Labour figures Lord Mandelson, Ed Balls and Alastair Campbell joined Gordon Brown at Downing Street.
TIMETABLE Sunday, 1100 BST: Lib Dem and Tory negotiating teams met for six hours. Meanwhile Nick Clegg met Gordon Brown at the Foreign Office. Later in the evening David Cameron and Mr Clegg met for 45 minutes in ParliamentMonday, 0800 BST: Markets openMonday morning: Conservative and Lib Dem negotiating teams to reconveneMonday, 1800 BST: Conservative MPs meet Strategists try to avoid leaks Send us your comments TIMETABLE Sunday, 1100 BST: Lib Dem and Tory negotiating teams met for six hours. Meanwhile Nick Clegg met Gordon Brown at the Foreign Office. Later in the evening David Cameron and Mr Clegg met for 45 minutes in ParliamentMonday, 0800 BST: Markets openMonday morning: 30 min phonecall between Clegg and Cameron1000 BST: Tory and Lib Dem teams reconvene1300 BST: Lib Dem MPs to meetMonday, 1800 BST: Conservative MPs meet Strategists try to avoid leaks Send us your comments
But once trading began, the FTSE 100 index of London's leading shares leapt more than 4% - suggesting traders saw the EU deal over a fund to stop the Greek debt crisis spreading as much more significant. BBC political correspondent Iain Watson said senior Lib Dem sources had indicated they would negotiate seriously with Labour if Mr Brown was prepared to indicate on Monday that he would step down as PM.
The Tories won the most votes and MPs in Thursday's election, but are short of a majority and are seeking support from the Lib Dems to form a government.
Entering talks on Monday morning, Mr Clegg told reporters he understood people were anxious to know what was happening but said all parties and party leaders were "working flat out around the clock to try and act on the decision of the British people last Thursday in the election result".Entering talks on Monday morning, Mr Clegg told reporters he understood people were anxious to know what was happening but said all parties and party leaders were "working flat out around the clock to try and act on the decision of the British people last Thursday in the election result".
He said they would arrive at a decision "as quickly as possible" but said he hoped people would understand they wanted to get the decision right rather than come to an arrangement that "won't stand the test of time".He said they would arrive at a decision "as quickly as possible" but said he hoped people would understand they wanted to get the decision right rather than come to an arrangement that "won't stand the test of time".
'Specific proposals''Specific proposals'
"Bear with us a little bit longer and we hope we will be able to provide you with full announcement as soon as possible," he said."Bear with us a little bit longer and we hope we will be able to provide you with full announcement as soon as possible," he said.
William Hague, one of the senior Conservatives involved in the negotiations, told reporters the talks were "going well" and they were talking about "some specific ideas and proposals". He said they were "optimistic" about making progress soon.William Hague, one of the senior Conservatives involved in the negotiations, told reporters the talks were "going well" and they were talking about "some specific ideas and proposals". He said they were "optimistic" about making progress soon.
I hope by the end of today they will decide whether they can do a deal or not. Alistair Darling The options for a hung parliament Peston: Euro ministers and Osborne
Both sides have stressed that the stability of the British economy is key to any deal.Both sides have stressed that the stability of the British economy is key to any deal.
The Labour Party, I gather, are offering all sorts of things - the earth as I understand it - in order to get a quick deal Sir John Major class="" href="/2/hi/uk_news/politics/election_2010/8670411.stm">The options for a hung parliament class="" href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/05/osborne_sounded_out_by_euro_fi.html">Peston: Euro ministers and Osborne class="" href="/2/hi/uk_news/politics/election_2010/8669991.stm">Hurdles facing Cameron and Clegg class="" href="http://www.bbc.co.uk/blogs/nickrobinson/2010/05/deal_or_no_deal.html">Robinson: Deal or no deal? There will also be separate meetings of Lib Dem MPs and Conservative MPs on Monday and the BBC understands there will be a meeting of the Lib Dems' governing body, the federal executive later. It would have to approve any deal, under Lib Dem rules.
There had been some fears that the pound and shares would suffer if a deal was not done by the time markets opened on Monday.
But once trading began, the FTSE 100 index of London's leading shares leapt more than 4% - suggesting traders saw the EU deal over a fund to stop the Greek debt crisis spreading as much more significant.
'Full responsibility'
While the Tories and Lib Dems see if they can reach an agreement which would see him losing his job as chancellor, Mr Darling has continued to represent Britain in the EU talks.While the Tories and Lib Dems see if they can reach an agreement which would see him losing his job as chancellor, Mr Darling has continued to represent Britain in the EU talks.
He told BBC Radio 4's Today programme: "I don't think it would do any good to let this process drag on. I understand that the Liberals and the Conservatives are engaged in talks today, I hope by the end of today they will decide whether they can do a deal or not."
He added: "I'm not saying that tomorrow's the end of the world but I just make the general observation that there does come a point in any negotiations - either you can do a deal or you can't."
ELECTION SPECIAL David Dimbleby will present a BBC election special on BBC One at 2030 BST. It will also be streamed on the BBC News website.
He confirmed he had spoken to his Conservative and Lib Dem counterparts - George Osborne and Vince Cable about the EU deal but insisted: "I made the deal and I accept full responsibility for it."He confirmed he had spoken to his Conservative and Lib Dem counterparts - George Osborne and Vince Cable about the EU deal but insisted: "I made the deal and I accept full responsibility for it."
Gordon Brown has offered the Lib Dems talks if no agreement is reached with the Conservatives - he has already offered a referendum on electoral reform - a key concern of the Lib Dems. He met Mr Clegg on Sunday at the Foreign Office - Mr Cameron was aware of the meeting. Labour has already pledged a referendum on switching from the first-past-the-post voting system to the alternative vote system, where voters rank their choices in order of preference and an MP has to get 50% of votes.
Former Conservative prime minister Sir John Major warned both the Tories and Lib Dems against dissolving into "partisan self interest". Changing the voting system is a long-time goal of the Lib Dems who favour a form of proportional representation.
He said everyone should realise "there is going to have to be some compromise on both sides - cherished ideas may not be possible" and warned against drawing up plans for electoral reform "on the back of an envelope". But former Conservative prime minister Sir John Major said everyone should realise "there is going to have to be some compromise on both sides - cherished ideas may not be possible" and warned against drawing up plans for electoral reform "on the back of an envelope".
He said he had heard Labour was offering "the earth" to get a quick deal with the Lib Dems but he doubted Gordon Brown could deliver what the Lib Dems want - proportional representation.He said he had heard Labour was offering "the earth" to get a quick deal with the Lib Dems but he doubted Gordon Brown could deliver what the Lib Dems want - proportional representation.
Many Labour MPs were "as deeply if not more deeply opposed to proportional representation than the most die-hard Conservative", he said.Many Labour MPs were "as deeply if not more deeply opposed to proportional representation than the most die-hard Conservative", he said.
Former leaders
BBC political editor Nick Robinson said there was a new role being played by former party leaders.
While Mr Cameron and Mr Clegg were keeping the contents of their talks secret, Sir John and former Lib Dem leader Lord Ashdown were giving away negotiating positions on behalf of their successors. Sir John's words showed there was anxiety in Conservative ranks that Lib Dems might be putting pressure on Mr Clegg to do a deal with Labour.
The Conservative negotiating team consists of Mr Hague, shadow chancellor George Osborne, policy chief Oliver Letwin and chief of staff Ed Llewellyn.
Their Lib Dem counterparts are MPs Chris Huhne - Lib Dem home affairs spokesman - Andrew Stunell, David Laws and chief of staff Danny Alexander.
There will also be separate meetings of Lib Dem MPs and Conservative MPs on Monday.
The Tories secured 306 of the 649 constituencies contested on 6 May. It leaves the party short of the 326 MPs needed for an outright majority.
The Thirsk and Malton seat - where the election was postponed after the death of a candidate - is still to vote.
Labour finished with 258 MPs, down 91, the Lib Dems 57, down five, and other parties 28.
If Labour and the Lib Dems joined forces, they would still not be the largest grouping. With the support of the Northern Irish SDLP, one Alliance MP, and nationalists from Scotland and Wales they would reach 330, rising to 338 if the DUP, the independent unionist and the new Green MP joined them.