Read from the bottom up:
5.10pm Brown to quit for the sake of party
Excerpts from Brown's speech. We'll post the full text when we get it.
"We have a parliamentary and not a presidential system in this country, and as I said on Friday, with no party able to command a parliamentary majority ... my constitutional duty as prime minister is to ensure that government continues while parties explore options ...
"The business of government has continued, including concerted action in Europe today to avert crisis in the euro area.
"This morning I've had conversations with the heads of the European Commission, IMF, and the European central bank ...
"I've said that I would do all I could to ensure that a stable government ... is formed ...
"As we know, the Liberal Democrats felt that they should talk to the Conservative Party.
"Mr Clegg has just told me that while he wishes to discuss this ... He has now told me that he wishes to take forward formal discussions with the Labour Party.
"The cabinet will meet soon; a formal process is being established ... the first priority should be an agreement deficit reduction plan ...
"I believe that there is a progressive majority in this country."...I have no desire to stay in my position longer than is needed...
"As leader of my party I must accept that [the hung parliament] is a judgement on me.
"I have asked the party to set in process [a leadership contest] and hope that it would be completed by the ...Labour Party conference. I will play no part in that contest ...
"I hope you understand that I will be taking no questions tonight."
5.07pm Swift reversal
This is astonishing. A Lib/Lab coalition is once again on the cards - and Gordon Brown falls on his sword to help it happen.
We could be in line for another unelected prime minister, and David Cameron may have let the keys to number 10 slip through his fingers.
5.05pm Brown to stand down
This is it. He'll see through coalition talks, then stand down in time for a leadership election at the Labour Party conference.
So, farewell then, Gordon Brown.
5.04pm Labour to begin formal talks with Lib Dems
More shortly.