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@teddy
the hansard society published a very long, detailed paper on what happens with a hung parliment. traditionally, the incumbent pm (brown) gets first option to try to form a coalition government. if he can't form one by the time parliment meets for the first time, the opposition party with the most votes becomes the government. it's unlikely that a tory minority government will last for very long without a vote of no confidence though.
there's no precedent to the party with the most votes but not a majority and who weren't the previous government claiming victory straight away.