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City frightened at possible Labour and Liberal Democrats coalition

As we covered earlier today, Gordon Brown has indicated his willingness to step down as the leader of the Labour Party and Prime Minister of the United Kingdom. Initially it was believed that he was stepping down in order to clear the way for a Liberal Democrat and Conservative party coalition but tonight it appears as though the Labour Party is now looking to court Liberal Democrats in formal negotiations.

After the announcement of Gordon Brown's potential resignation sterling came under further pressure and there are concerns that the UK stock market could witness heavy selling over the next few days if no formal government is announced. The options at the moment appear to be a minority Tory government, Conservative and Liberal Democrat coalition or a Labour and Liberal Democrat coalition. At this moment in time it is unclear whether David Cameron will ever grab the keys to 10 Downing St. or whether in fact the Liberal Democratic Party is trying to force his hand.

We seem to be in one of the more bizarre situations of UK politics where a party which has gained the vast majority of votes, yet has no overall majority in the Commons, could well be squeezed out of the next government.

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