10.56pm: On that note, I will leave you to mull those details and close this blog. Thanks for your company. See tomorrow’s FT for full coverage of today’s dramatic events.

10.45pm: Sky have reported the outlines of the government agreement to be published tomorrow. Here are the details:

• The Lib Dems get their £10,000 income tax threshold, pupil premium and fixed term parliaments. The provisional date for the next election is May 1, 2015. I wonder if we’ll get that far.
• The Tories get their cap on immigration and welfare reform.
• The two parties agree on a “great repeal bill” to do promote civil liberties. This will abolish ID cards among other measures – although it should be said Labour had already scotched that plan. It will also extend freedom of information rules, says Sky.
• The government will replace Trident, but the Lib Dems will continue to look for alternatives.
• The government won’t join the Euro and there will be a referendum on any new EU treaty.

10.38pm: Nick Clegg will be deputy PM, says Associated Press. They say they have it confirmed by the Tories. Sky reports five cabinet positions for the Lib Dems. I would imagine that would be Nick Clegg, Chris Huhne, David Laws, Vince Cable and one other. Danny Alexander perhaps? Read more

Cameron meets the queen before becoming prime minister

9.01pm: I leave you now with a picture of the moment David Cameron became prime minister (ok, so it was probably just before that moment, but close enough). Thanks for your company and comments.

8.52pm: The Lib Dem negotiators are going to meet the rest of the parliamentary party and federal executive in 40 minutes. Simon Hughes, their energy spokesman, says he thinks there will be cabinet and other ministerial positions for Lib Dems, and that he expects the party to vote for the agreement. He also says there was no movement on various issues, including voting reform, from the Labour team.

8.46pm: Cameron walks very slowly into Number 10 to the applause of staff. He gave a brief speech outside, which was a curious mix up uplifting and downbeat messages. He has given no indication of what his government might look like, but did mention Nick Clegg in his speech, almost referring to him as a co-leader.

8.46pm: Cameron: “This is going to be hard and difficult work.”

8.44pm: Cameron brings up the big society, and says he wants to build a society “where we don’t just ask what am I owed but what I can give”. Fairly obvious reference to JFK there.

8.43pm: Cameron: “Together we can reach better times ahead.” He talks of cleaning up parliament.

8.43pm: He begins by praising Brown for his long record of dedicated public service and says the country is now “more open at home” than 10 years ago. Read more

7.56pm: We’re going to close this post now and open a new one to keep you up to date with all the latest developments. Stick with us.

7.53pm: Our story is now up online: Brown quits as prime minister

7.49pm: Brown arrives at Labour HQ to hugs and handshakes from cabinet members (or should that be former cabinet members?).

7.48pm: Poor old Gordon got caught in the traffic as he left Buckingham Palace. No outriders to clear the roads, as he’s no longer PM.

7.47pm: The queen accepted Brown’s resignation. Just in case you thought we were in for a final twist…

7.44pm: Brown is off to thank Labour activists. The BBC is now also reporting that he will stand down as an MP. It seems he may have not told his local election agent to prepare for a new byelection though (see 6.43pm).

7.42pm: Brown is now leaving the palace. That didn’t take long. Read more

A few signs; not entirely conclusive. One of my allies has spotted Lord Adonis and Lord Mandelson walking across Palace Yard looking, in his phrase, “decidedly gloomy”.

Meanwhile Sir Gus O’Donnell has been seen heading towards the rooms where the talks are taking place. (Although he was around last night so that is not necessarily a decisive clue). Meanwhile a press helicopter looms overhead. Will Brown go to the palace to resign tonight or tomorrow? Read more

There has been some newspaper speculation that Ed Balls may not consider himself strong enough to stand for the leadership given his weakened majority in Morley & Outwood constituency and given the growing bandwagon for David Miliband.

But Balls’ allies have already gathered (last night I believe) and are certain that the education secretary should and will run for the leadership. I’ve said before that the bookies’ odds (still about 12 or 14 to 1) are far too long given his determination to succeed his mentor Gordon Brown. Read more