Nick Clegg is inside Liberal Democrat headquarters to take part in what will doubtless be a day of negotiations. He has just said that he will offer support to the party with the most votes, which is the Tories.
But there is one pressing question for Clegg this morning: is he going to stand by his own party's agenda? In other words, is this just a first opportunity for Cameron? Is Clegg making sure he is seen to support the perceived front-runners, before striking a more realistic deal?
For only Labour will offer Clegg electoral reform, and much else besides. He has one chance.