Today Programme
BBC Radio 4

Mr Cable said there was "no prospect of us having an electoral deal with the Labour party".

“I think it’s utterly remote to believe that Jeremy Corbyn could become prime minister in coalition or without, it’s just way beyond what’s possible.

And I think our differences with him on substantive issues are just so great that it’s very difficult to see any form of coalition being formed.

Today Programme
BBC Radio 4

Former business secretary, Liberal Democrat Vince Cable, who was ousted from his Twickenham seat in the 2015 General Election told BBC Radio 4's Today programme that his party was "optimistic".

Mr Cable said he was standing in the election for "several reasons".

"I do feel strongly the country is going in the wrong direction primarily about Europe and Brexit," he said.

He said another reason was that 2015 was a "terrible election" for the Liberal Democrats "despite the fact that I think I and my colleagues made a contribution to the country in the coalition".

"I think we want to set the record straight and win back the seats that we lost," he said.

Today Programme
BBC Radio 4

Shadow Chancellor John McDonnell has said the Labour party could win the election and he wants a "fair system of taxation" to be put in place. 

The Labour party politician said this election won't be just about Brexit but refused to be drawn on whether his party would seek to remain in the customs union saying they would be looking for the best deal for Britain.

Today Programme
BBC Radio 4

Shadow Chancellor John McDonnell told BBC Radio 4 Today that the prime minister had "broken her word" in calling a snap election when she had said she wouldn't.

"Now she’s done that let’s get on and have this debate," he said.

"I don’t think this election is about Brexit. I think what this election is about is the government has seen the economy at the moment is going to turn and we are seeing inflation increasing, we are seeing wages stagnate, and we are seeing people in heavy debt as a result of that.

"They know the economy is turning over the next 12 months and they know they’ll [the Conservatives] will be deeply unpopular."

Today Programme
BBC Radio 4

What is Labour's position on Brexit?

"We'll want to negotiate tariff-free access to the single market," Shadow Chancellor John McDonnell says.

And what if the EU insists on the freedom of movement in return of that access?

"We believe we can negotiate with our European partners a managed and fair immigration system with the EU, which takes into account the needs of our economy," he says.

Writing in the Mirror, external, Labour leader Jeremy Corbyn said he welcomed a General Election.

"It will give the British people the chance to vote for a government that will put the interests of the majority first...

"Labour will be offering a real alternative to a government that has failed to rebuild the economy and delivered falling living standards and damaging cuts to our schools and NHS."

It's been two years since the last general election - and there are a lot of new faces in charge.  

There will be a vote in the House of Commons later to approve the election plan.

If, as expected, it is approved, Parliament will probably break up on 3 May to allow just over a month of full-pelt campaigning ahead of an election on Thursday, 8 June.

Read more: What you need to know

Iain Watson
Political correspondent

It is interesting that Theresa May has abandoned her commitment not to call a snap election isn’t it?

I think two reasons above all else.

Firstly her advisers will have noticed the Conservatives are as much as 20 points ahead of the Labour party.

And secondly, the other recent development that’s happened in recent weeks is the EU has set out its negotiating position.

That looks as though the Brexit negotiating position is going to be tough - if Theresa May has to make compromises further down the line, some of her own MPs might not like that very much.

If her gamble pays off and she returns to Westminster with an increased majority, her authority over them, as well as over the opposition parties, will be strengthened.

Here's a recap of what happened on Tuesday.

Video edited by Phoebe Frieze.

Theresa May takes centre stage on all the front pages this morning.

And the papers are packed full of political analysis. 

Haven't got time to read them all? 

Get your morning debrief here

It's been less than 24 hours since the prime minister surprised the nation by calling for a snap election. 

And later today, Theresa May will hope to see her demand become a reality as MPs vote on a motion to authorise it.

Follow all the latest on the day's developments as they happen, here and across the BBC.

Labour MPs have been told they will be automatically re-selected as candidates in their constituencies for the general election on 8 June.

Jeremy Corbyn had hoped to give party members a say in who was chosen, but has accepted there is insufficient time to do that before polling day.

However, one Labour MP has told Mr Corbyn there is still time for him to stand down as leader before the vote.

Labour will endorse the PM's call for a snap election in a Commons vote later.

After a meeting of Labour MPs and peers on Tuesday evening, a source close to the party leader said there had been a "clear consensus... to support the triggering of an election".

Read more on this story

Theresa May's plan for a snap general election on 8 June is set to be authorised by MPs later.

The early poll is expected to secure the two-thirds Commons majority it requires to go ahead, with Labour's Jeremy Corbyn welcoming the PM's surprise announcement on Tuesday.

Mrs May said that she wanted to secure the backing of the British people for her Brexit negotiations.

She told the Sun newspaper "political game playing" risked hampering talks.

Read more on the day ahead