Cameron and Clegg appeared together in an unprecedented Ant-and-Dec-alike, jokey press conference in Downing Street's Rose Garden this afternoon. The two seemed very happy to be working with each other, referred to each other throughout by the first names and promised to put aside petty party clashes of the past to work together "for the good of the country".
The Cabinet
Details are still emerging about who'll take on what roles in the new coalition government but some have been confirmed.
Nick Clegg (Lib Dem) is Deputy PM, George Osborne (Conservative) takes the role of Chancellor, William Hague (C) is Foreign Secretary, Liam Fox (C) is Defence Secretary, Andrew Lansley (C) is Health Secretary, Vince Cable (LD) is Business / Banking Minister, Chris Huhne (LD) is Energy and Climate Change Minister.
Some new developments: Theresa May (C) is Home Secretary (not Michael Gove, as rumoured) and Minister for Women and Equality; Ken Clarke (C) is Justice Secretary and Lord Chancellor. Michael Gove (C) is Education Secretary, Iain Duncan Smith (C) is Works and Pensions, David Laws (LD) is Chief Secretary to the Treasury, Danny Alexander (C)is Scottish Minister. Full details here.
Full negotiation agreement details: here.
Liberal Democrat wins:
• Referendum to bring in an alternative vote system. Coalition members will be subject to three-line whip to force legislation for referendum through, but will be free to campaign against reforms before referendum.
• New five-year fixed term parliaments, an entirely or mainly elected second chamber and a commission to review party funding. According to this plan, the next general election will be held on the first Thursday of May 2015.
• Reduce tax burden on low earners. A substantial increase to personal tax allowance from April 2011 with a "long- term goal" of a £10,000 personal tax allowance. Tory plans to reduce inheritance tax that would have benefited the richest people most have been scrapped.
• New pupil premium to be introduced, steering more funding to schools for every child they take from poor homes to help close class gap in school results.
Tory wins:
• £6bn cuts this financial year and a reversal of some planned rises in national insurance contributions.
• A cap on immigration with Lib Dem plans for an amnesty on illegal immigration dumped.
• School reforms to introduce more Swedish-style "free" schools.
• A commitment to maintaining Britain's nuclear deterrent .
• No proposals to join the euro and a referendum lock will ensure that any proposal to transfer new powers must by law be put to a referendum.
• The Conservatives have kept their plan for a £150 marriage tax break. Lib Dems will abstain but not oppose this.
New Prime Minister David Cameron
As the new Prime Minister, Cameron leads the Conservatives back into power after 13 years.
After paying tribute to Brown for his lengthy public service, Cameron said he planned to form a "proper and full coalition" with the Lib Dems to form a "strong and stable government".
He added that he and Nick Clegg would "put aside party differences and work hard for the common good and for the national interest" [Full speech here].
Former PM Gordon Brown, BYE... BYE....
Earlier, in a statement outside Downing St, Brown said he had "loved the job" and it had been "a privilege to serve". He added:
"I loved the job for its potential to make this country I love fairer, more tolerant, more green, more democratic, more proserous and more just - truly a greater Britain.
"In the face of many years, challenges up to and including the global financial meltdown, I have always tried to serve, to do my best in the interests of Britain, its values and its people."
Here's the full speech:
As you know, the general election left no party able to command a majority in the House of Commons.
I said I would do all that I could to ensure a strong, stable and principled government was formed, able to tackle Britain's economic and political challenges effectively.
My constitutional duty is to make sure that a government can be formed following last Thursday's general election.
I have informed the Queen's private secretary that it's my intention to tender my resignation to the Queen. In the event that the Queen accepts, I shall advise her to invite the leader of the opposition to form a government. I wish the next prime minister well as he makes the important choices for the future.
Only those who have held the office of prime minister can understand the full weight of its responsibilities and its great capacity for good. I have been privileged to learn much about the very best in human nature, and a fair amount too about its frailties, including my own. Above all, it was a privilege to serve. And, yes, I loved the job, not for its prestige, its title and its ceremony, which I do not love at all. No, I loved this job for its potential, to make this country I love fairer, more tolerant, more green, more democratic, more prosperous and more just – truly a greater Britain.
In the face of many challenges in a few short years, challenges up to and including the global financial meltdown, I have always strived to serve, to do my best in the interests of Britain, its values and its people. And let me add one thing also. I will always admire the courage I have seen in our armed forces. And now that the political season is over, let me stress that having shaken their hands and looked into their eyes, our troops represent all that is best in our country and I will never forget all those who have died in honour and whose families today live in grief.
My resignation as leader of the Labour party will take effect immediately. In this hour I want to thank all my colleagues, ministers, members of parliament. And I want to thank above all my staff who have been friends as well as brilliant servants of the country. Above all, I want to thank Sarah for her unwavering support, as well as her love, and for her own service to our country. I thank my sons John and Fraser for the love and joy they bring to our lives. And as I leave the second most important job I could ever hold I cherish even more the first, as a husband and father. Thank you and goodbye. (currenttv)
