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Every time I come up with a scenario, I think "but party/leader X wouldn't agree with that, and then ...". Which I think will probably mean another election within 6 months. But I can't work out who will be PM in the time until then (and that could well be more than one person).
Cameron really seems to have ruled out offering any form of PR to the Lib Dems, and so I don't think the Tories can offer enough to the Lib Dems to get their support. If they're above 300 votes (and I notice the betting odds put the median Tory seats at about 320) then they'd attempt to form a minority government - but Brown has to give up, or try to get the Queen's Speech passed and get voted down, before Cameron can try that. I think if they get above 315, Brown will resign - because Cameron will get Unionist support enough to survive (at first, anyway). If it's below that, then Cameron may not be able to muster the votes to force Brown to resign, so Brown may try to stay.
If Labour come second in the vote (and seats), then a government under Brown could be within what Clegg said he'd accept - though I don't think it'd last long (Brown would still be damaged goods, and any election of a new Labour leader would be both about who the Labour electoral college want, and who can work with the Lib Dems). They'd need to offer a referendum on voting - I think it'f be "do we adopt AV+", since Labour has said AV is good, the Lib Dems have said it's not enough, it was the recommendation of the Jenkins commission, and it's not too different from the Scottish/Welsh system, which people actually seem happy with.
If the Lib Dems get more votes than Labour, then Clegg's position is meant to be 'Brown must go'. But I can't see who'd lead Labour then - and it's hard to see any sort of pact coming out of that. It might have to be 'Labour elect a new leader, and then a new election is called'.
My guess for the seat outcome is Conservatives under that 315 mark (but probably over 300), and Labour will beat the Lib Dems in total number of votes - by a very narrow margin. So perhaps Brown will offer an AV+ referendum to the Lib Dems (hoping it will be rejected - he knows the Tories will work against it; and he won't promise to make Labour campaign for it), and start a new government - if the referendum can't be held soon, then he might have to agree to stand down after a Labour leader has been held.
But every time I look at what I've written, I think "but ..." .
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