7th UPDATE: 3:43 p.m. EDT: David Cameron is at 10 Downing St., and he is the new Prime Minister of Great Britain. He has not yet formed a coalition government. He says political reform needs to come to his country, and "we need to confront our problems...and to lead people through the difficult decisions."
6th UPDATE: 3:23 p.m. EDT: From the BBC: Gordon Brown will NOT resign as an MP, contrary to earlier reports.
5th UPDATE: 3:15 p.m. EDT: Former Prime Minister Gordon Brown, speaking to his Labour Party supporters, acknowledges that his deputy will succeed him as interim Labour Party leader. He says the fault for the Party's loss last week was his fault.
"I am Labour, and Labour I will always be," he says, in perhaps a swipe at the Liberal Democrats for striking an apparent coalition deal with the Conservatives.
As the BBC showed Mr. Brown's comments, his successor -- David Cameron -- is at Buckingham Palace, where he will exit as Prime Minister.
4th UPDATE: 2:45 p.m. EDT: BBC is reporting that former Prime Minister Gordon Brown will tell his Labour Party tonight that he also plans to resign his MP post. This means Mr. Brown is leaving politics.
3rd UPDATE: 2:40 p.m. EDT: This update from the New York Times:
Saying it was clear that he could not muster a majority in Parliament after the recent, inconclusive general election, Gordon Brown announced his resignation as prime minister of Britain and leader of the Labour Party. He then traveled with his wife and children to Buckingham Palace to formally resign and to recommend that David Cameron, the Conservative leader, be invited to form a government.
2nd UPDATE: 2:33 p.m. EDT: The transition of power in Britain is somewhat messy today, but it still strikes me in democracies how one man (or woman) is in power at one moment, and he (or she) is nothing more than a common citizen again in the next. Granted in this case, former Prime Minister Gordon Brown remains an MP (unless he opts to resign that seat as well), but he goes from being the political face of the nation to just another political face by nightfall.
And the BBC reports that there is still no deal between the Conservatives and the Liberal Democrats on any coalition government.
1st UPDATE: 2:23 p.m. EDT:
FLASH (from Reuters): UK PM Brown says resignation as leader of Labour Party will take effect immediately You can watch BBC's live coverage here
ORIGINAL POST: This from the BBC:
A close ally of Gordon Brown has suggested to the BBC that Labour are close to conceding defeat in their efforts to do a deal to stay in power.
The BBC's Nick Robinson said he was told the Lib Dems had decided to back the Tories and Labour would regroup as the only "progressive" party.
It would clear the way for a Lib Dem and Tory deal which would see David Cameron becoming prime minister.
The Lib Dems and Conservative teams are still in talks at the Cabinet Office.
They have been negotiating for four days, after the UK general election resulted in a hung parliament.
Mr Cameron, Conservative leader, met Lib Dem leader Nick Clegg in private for an hour earlier on Tuesday.
The BBC's political editor said Labour sources said the party were preparing for the possibility that Gordon Brown could resign on Tuesday evening - if Mr Clegg says there is no chance of an agreement with Labour, or that his party's talks with the Tories have been successful.