National interest must come first

Yet, while each of the three main parties was left disappointed by the final outcome, David Cameron and Nick Clegg have emerged as the two men who must now broker an agreement which enables a stable government to

be formed.

This is the only viable proposition after the electorate effectively called time on 13 years of Labour rule, though Gordon Brown appeared reluctant to accept the people's verdict.

The Tory and Liberal Democrat leaders actually have much in common, despite their understandable differences on the campaign trail over matters such as immigration and Europe. With potential for broad agreement on health and education, on civil liberties and on easing the burden of taxation on the poor, the two parties now have an historic opportunity to end Westminster's adversarial politics and build a national consensus.

Mr Cameron also has momentum on his side. Labour lost over 90 seats, while the Tories gained more than 100 MPs and the Conservative share of the vote was comparable to that achieved by New Labour at the last election. Yet, while Tony Blair enjoyed a comfortable 64-seat majority, the Tories were denied this luxury, even though they recorded the biggest political swing in their favour since 1931.

Of course, questions will have to be asked at some stage about the Tories' electoral strategy – the party actually lost support during the election – and about their failure to exploit Mr Brown's unpopularity as Labour suffered its worst defeat since Michael Foot's poll humiliation in 1983.

Having spoken, repeatedly, about the need for individuals to accept greater responsibility, a Cameron-led administration should have nothing to fear from a nationwide debate about proportional representation that culminates in a referendum.

It should be possible for such a debate to take place in a civilised manner that does not detract from Britain's most pressing need – a stable government capable of tackling the record deficit that will be the lasting legacy of Labour's 13-year spending spree.

Mr Cameron and Mr Clegg must also have been acutely aware of the increasingly nervous state of the markets as they began tentative talks last night. The longer that this political vacuum continues, the greater the risk that Britain will become infected by the economic contagion sweeping southern Europe.

The need to make firm and immediate economic decisions is actually far more urgent, and fundamental, than any deals that might be agreed with fringe parties in smokeless rooms, and which would inevitably entail the Treasury having to make even more money available to Northern Ireland, Scotland and Wales.

This is why the only realistic option, certainly in the short term, is a working arrangement between the Tories and Liberal Democrats, as outlined by Mr Cameron yesterday.

Such a pact might begin with low expectations, in sharp contrast to those governments that come to power on a tide of optimism, but both Mr Cameron and Mr Clegg have shown that they are men of pragmatism who can, potentially, bring the country together.

The alternative is a discredited and rebuffed Mr Brown staying in Downing Street – or stepping aside so that Labour can attempt to impose another unelected leader on the country in a desperate, and immoral, attempt to defy the political will of the people and remain in power.