17:14 BREAKING NEWS : The Conservative Leader and the Liberal Democrat Leader have held their first telephone conversation on doing a deal. A Lib Dem source has said both Cameron and Clegg have agreed to explore further economic and political reforms. It apparently took place an hour ago and last 15mins.
17:48 UPDATE: Face to face talks will take place tonight between the Lib Dems and Conservatives although these will not involve the party leaders. It will be William Hauge, George Osborne, Olivier Letwin and Cameron's Chief of Staff Ed Lwellyn representing the Conservatives. David Laws, Danny Alexander, Chris Huhne and Andrew Stunnel will be representing the Liberal Democrats.