1. Our input from other sources about why not to trust Nick Clegg’s statement entirely has been corroborated. We can categorically state that prior to 6th May, senior New Labour and LibDem officials discussed the exact current scenario in detail – although on an assumption that the LDs would have 90-100 seats, and the Government around 20 less than have now materialised.

2. As evidence in support of what is described as ‘first hand feedback’, TenMole cites the line immediately adopted by Mandelson and Balls after the exit poll and early results last night: that the ‘Constitution’ should be followed to the letter, but that the Conservative Party ‘had failed’ and thus had no mandate.

3. The central figure in the creation of this ‘script’ was Lord Mandelson, who right from its inception managed to persuade all the fighting cocks around the PM – and senior LibDems – that the key was to “apply pressure to the Shadow Cabinet without being seen to do so” and “create a news environment in which those in power should use that advantage to suggest safe continuity”.

There are two problems with this scam. First, it seems that – in the light of some shattered electoral illusions – Nick Clegg himself thinks it won’t wash; and second, the TenMole adds that “life in the bathyscape has blinded Gordon’s inner circle to the realities of this result”.

This morning on BBCNews coverage, historian Simon Schama argued forcefully that New Labour “could never get away with” such a scenario, because there is no constitutional precedent at all in the UK for two losers “to gang up on the nearest thing we have to a winner”.

The events are still unfolding – but Paddy Power is quoting 2-1 on that Gordon Brown will resign by the end of the day.

As always, stay tuned. Cameron is to issue a statement at 2.30 pm.