Image source, AP

A few interesting points on the results so far:

Lib Dem peers. They're now massively over represented. Former MPs who think they'll get a peerage may be very disappointed.

Even worse news for Labour. A Tory majority will allow Conservatives to push through boundary changes - possibly giving them an extra 25 seats in 2020.

The DUP. Even if the Tories do have a small majority Cameron will want to strike some kind of deal with the DUP as a buffer against awkward Tories.

Ministers. Without Liberal Democrats there will be more ministerial positions to dole out. Cameron will have more room to placate difficult MPs, particularly on the right.

Lib Dems on telly. Their number of seats and percentage of votes means that you will be seeing and hearing a lot less from Lib Dems in the next few years. Broadcasters won't have the same obligations to give them air time.

Allegra Stratton
Newsnight Political Editor

Image source, Getty

I turned up at CCHQ at just before 5 this morning to see a very happy Lynton Crosby heading out with friends. Tory sources insist he wasn't leaving for the night but was probably heading to a nearby hotel bar. I'm getting breakfast in one now (or is it lunch, up since 2:30am) and next to a big table of Tories celebrating.

Crosby always talked about "crossover" in the polls - the moment when the Tories went ahead decisively and stayed ahead. Boy, did it come late.

In the words of one senior Labour source: "People came home from work at 6pm on Thursday and, in seats across the country, fed their kids some tea, went to vote, and called time on Ed and Nicola".

A Tory whip who predicted to me yesterday afternoon they would end up at over 300, said to me: "a quiet English nationalism is rearing its head".

David Cameron and George Osborne have enormous authority now. Even critics of the leadership have told me that. Remember, they will now have more jobs to give Tory MPs.

Not being able to give them jobs in the last government was a massive source of resentment.

It also looks like they will have the authority to push through things they always wanted to do, so long as the right of their party is happy.

Snoopers charter? Clearly the Europe referendum.

They can probably go a bit further on welfare but - if they need to rely on the DUP - that will make going too deep on welfare tricky. DUP Westminster leader Nigel Dodds has said he wouldn't allow welfare cuts to go too deep.

Meanwhile, Labour folk who tried in the last year to get rid of Ed Miliband - exactly because they predicted this kind of rejection - are treading carefully this morning.

They won't move until it can be decidedly shown that an Ed Miliband Labour Party wouldn't be able to beat a Cameron queen's speech.

But once that has been established, the next view is that it must skip a generation. Good news for Liz Kendall, Dan Jarvis, Chuka Umunna. Less good for Yvette Cooper and Andy Burnham. But it’s very early days.