So it looks like the game’s up – the Liberals’ wooing of Labour, and the subsequent resignation of Gordon Brown, was to no avail… and may well have been simply a canny negotiating tactic to get more out of the Tories.

The election was the Tories’ to lose – and they almost managed it. David Cameron cannot be happy with his result. The Tory right certainly aren’t – and giving away the family silver to the LibDems will not please them much either. They did not ‘win’ as such – 36% of the vote and 47% of the seats is not too impressive given the fair wind from the media, the unpopularity of Gordon Brown, and the Ashcroft money. Despite the rantings of Boulton, Robinson, and others in the media, Gordon Brown was right to hang in there as prime minister, and there was value to exploring a rainbow coalition.

Yet it would have been shaky, and would have severely annoyed voters in England (SNP, Plaid and Northern Irish votes do not come for free). And while I don’t buy the idea of ‘going into opposition to renew’, staying in power could have made us more unpopular. Labour in 2010 is not hated like the Tories in ‘97. But another four or five years could lead to a heavier defeat (a point made by Andy Burnham – who is my dark horse for the Labour leadership).

Overall, the Tories do seem to have a greater moral right to have a swing at this next parliamentary term.  It will be tough. I’ve always thought that this would be a good election to lose. I’ll take no pleasure in seeing David Cameron entering Downing Street – but it seems the natural conclusion to things. Hopefully LibDem involvement will knock off some rough edges – a more proportional voting system should be a good thing, there may be a fairer tax system rather than IHT cuts for the rich, and a coalition would hopefully see a not-entirely-hostile approach to the EU.

It remains to be seen – but finally, for the sake of us all, not least the haggered news men – let’s get this thing over and done with.

PS – It seems that Downing Street is being packed up… new PM tonight?