News in Picture

What a night! The first hung parliament since 1974, the election has thrown up more questions than answers, and on Newsnight tonight we'll concentrate on the really, really big ones.

When will we have a government? Who'll be in it? Who's doing all the horse trading? What does all this do to the markets?

David Cameron, Nick Clegg and Gordon Brown are in a political dance right now and one of them is going to have to bow out.

Nick Clegg made it clear that he thought the party with the biggest number of votes and seats should have the first chance to try to form a government.

The first conversation between Clegg and Cameron has taken place, and the Conservatives have made an opening gambit, but Cameron has not made a commitment to voting reform - just for an all party committee to look at changing the voting system.

Already Sir Menzies Campbell, has warned of stark policy differences. If Con/Lib Dem conversations stall what will be the shape of the Labour negotiations? Is Gordon Brown the man, or does the real power in the negotiations lie with Peter Mandelson? Will Brown have to go? Michael Crick and David Grossman will lay it all out and we're bidding for the biggest political figures we can get tonight.

Paul Mason navigates us through the treacherous economic waters, and what impact any dither and delay will have on the markets and our fragile economic recovery. Plus we'll be speaking to a senior bond trader.

We'll examine voting shambles seen in some constituencies last night and the impact of disenfranchising hundreds of people.

And Newsnight's panel of political insiders will give is their reaction to the result and deliver their thoughts on what kind of new world order we are facing.

Kirsty.

PS From the web team: Tonight's programme has been extended until 11.40pm, and we also have a Saturday edition of Newsnight with Jeremy Paxman tomorrow at 6.30pm on BBC Two.