Britain's David Cameron becomes PM; Brown out

London: Conservative leader David Cameron has become Britain's youngest prime minister in almost 200 years, after Gordon Brown stepped down and ended 13 years of Labour government. (Read: Profile - David Cameron)

The 43-year-old Cameron visited Buckingham Palace on Tuesday and was asked to form a government by Queen Elizabeth II -- less than an hour after Brown tendered his resignation to the monarch. Cameron formally accepted Queen's request to form next government in Britain.

He will be the 12th Prime Minister during the tenure of Queen Elizabeth.

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Gordon Brown resigned on Tuesday night after talks between his Labour party and Liberal Democrats for a coalition government failed, clearing the deck for Conservative leader David Cameronto head the new government. (Read: Profile - Gordon Brown)

Fifty nine-year-old Brown tendered his resignation on the ground that he cannot command a majority in the House of Commons after the May 6 hung verdict, ending the Labour party's record 13 years in office. (Read: Brown quits as British PM)

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Brown, who had succeeded Tony Blair as prime minister in June 2007, said in an emotional farewell speech outside 10 Downing Street that he had "loved the job" and it had been "a privilege to serve".

Brown suggested that Cameron should take over as the next Prime Minister. (Read: Profile - David Cameron)

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"I wish the next Prime Minister well as he makes the important choices for the future," he said.

After the announcement, Brown, his wife Sarah and two sons travelled to the Buckingham Palace to meet the Queen and formally tendered his resignation.

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Speaking outside 10 Downing Street, Brown said his party gave up attempts to form a government with the Liberal Democrats.

In a voice slightly cracking with emotion, Brown also resigned as leader of the Labour party with immediate effect.

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Brown's resignation came as the Conservatives appeared to be finalising a power-sharing deal with the third-placed Liberal Democrats, five days after the fractured electoral mandate.

"I've informed the Queen's private secretary that it is my intention to tender my resignation to the Queen," he said in a voice choked with emotion as he read out from a statement in 10 Downing Street.

It was not immediately clear if Cameron will lead a coalition government or the Liberal Democrats will support him from outside.

There were, however, reports that the Conservatives and Lib Dems were close to reaching an understanding on electoral reforms and sharing of ministerial berths.

Lib Dems leader Nick Clegg, who emerged as the kingmaker after the fractured mandate of May 6 election, was expected to be given a key post in the new government, possibly the deputy prime ministership with the Home portfolio.

However, after five days of talks between the Lib Dems and Tories, there was no immediate announcement of a deal between Cameron's and Clegg's party.

Earlier Tuesday, Cameron had asked the Lib Dems to decide on the offer made on Monday about a referendum on their key issue of electoral reform.

"It's now I believe decision time, decision time for the Liberal Democrats," said Cameron, adding: "I hope they make the right decision that will give this country the strong, stable government it badly needs and badly needs quickly."

Labour and the Lib Dems are ideologically closer, on the left of the political spectrum, than the centre-right Conservatives and the Lib Dems, although the electoral arithmetic of a Tory/Lib Dem deal is stronger.

In last Thursday's general election, the Conservatives won 306 seats in the 650-member House of Commons - 20 short of a clear majority of 326 - followed by Labour on 258 and
the Lib Dems on 57.