Coalition talks - latest

Yesterday Nick announced that the party had opened formal talks with the Labour party.

He said: "Over the last four days we've been working flat out to seek and reach an agreement on the stable government that lasts and that the British people want and deserve. We've had some very constructive talks with the Conservative party and I'm very thankful to David Cameron and his negotiating teams.

"We've had some very positive talks, made a great deal of progress but we haven't yet reached a comprehensive partnership agreement and that is why given the urgency and the need to have a resolution to this situation now, we think it's the right thing, the responsible thing to now open talks on exactly the same basis we've been having with the Conservative party with the Labour party while of course continuing our discussions with the Conservatives."

Following a meeting of The Liberal Democrats Parliamentary Party last night the following statement was released:

"The Parliamentary Party met this evening to be briefed by the leader and negotiating team and to discuss developments.

"The Parliamentary Party endorsed the strategy set out by Nick Clegg and agreed that current negotiations need to be concluded rapidly to provide stable government that lasts.

"The Parliamentary Party reaffirmed that economic stability, a credible deficit reduction plan and political reform must be at the heart of any agreement made.

"Negotiations will resume later today and there will be a further meeting of the Parliamentary Party during the day."