Peter Hoskin

And he begins his tenure with an unfussy speech outside the door of No.10.  All of the main Tory touchstones were mentioned: the deficit, responsibility, political reform and social breakdown.  But this wasn't a strident or triumphant performance.  Cameron went out of his way to pay tribute to Gordon Brown and his "long record of public service," and to highlight the role that the Lib Dems will be playing in a "proper and full coalition".  Almost with a dash of regret, Cameron noted that this coalition will "throw up all sorts of challenges". Perhaps he's had a first taste of those challenges with the protestors who greeted his entry, with banners and boos, into Downing Street.

One striking aspect to this evening's brouhaha is how senior Labour figures are going out of their way not to endorse anyone as Gordon Brown's successor.  Brown himself has said that he won't back an "individual candidate," and Peter Mandelson and Alastair Campbell have made similar noises in television interviews. There are, I imagine, two main reasons for this.  First, it's all too soon: Labour won't want to engage in full internecine combat while there's still the chance of a deal with the Lib Dems.  And, second, they will want to create the impression that – contrary to Gordon Brown's ascension to power in 2007 – the next Labour leader has been chosen in an open and clean contest.

Ooh, a touch of drama just now, as Nick Clegg addressed the 1,000 or so protestors calling for voting reform in Smith Square.  He said that the demonstration was "wonderful," and got big cheers for saying that PR is "in the national interest".  But there were no hints, either way, about how the Lib-Con talks are going, or whether PR was a dealbreaker – which may have left the people shouting "Don't sell out!" a little dissatisfied.  For all the banners and flags, this one will still come down to the decisions of men in suits, behind oak doors. UPDATE: The Beeb's Laura Kuenssberg tweets that the protestors are moving on to Tory HQ. Fun and games.

Woah, I didn't think Cameron would go that far.  In his statement just now, the Tory leader started off by talking about minority government, as one might expect.  But he soon skipped past that, and onto what sounded like a more formal coalition with the Lib Dems.  He called it the Tories' "Big Comprehensive Offer". This offer trumped the one that Brown put forward ealier by virtue of its clarity.  Where Brown had hints and innuendo, Cameron had an itemised list of policies and specifications.  And so the Tory leader set out the areas where he wasn't willing to compromise with the Lib Dems: Europe, cutting the deficit and immgration.