Is this the only option for the next Government or will the exit poll turn out to be wrong, just like in 1992?

Exit poll predicts Tories and Liberal Democrats will have a combined 326 seats - enough for a majority Government

The Liberal Democrats have said they would only enter another coalition if Cameron softens his stance on human rights and benefit cuts (Getty) (Getty Images)

Is this what the next Government could look like?

The exit poll published as polling stations closed predicted the Conservatives will win 316 and the Liberal Democrats will win just 10 - but that would be enough to form a majority Government.

However the exit poll may turn out to be totally wrong and YouGov has said it still thinks its pre-polling day seat projection is right - 284 seats for the Conservatives, 263 for Labour and 31 for the Liberal Democrats.

The exit poll has been remarkably accurate in recent elections - in 2010 it was just six seats out - but in 1992 it wrongly predicted a hung Parliament. John Major went on to win a slim majority.

A government needs 326 seats to command an overall majority - exactly the number of seats the Tories and Lib Dems are predicted to win combined from the exit poll results.

But Nick Clegg's party would have lost 47 seats and would have just 10 MPs to choose ministers from - as well as their peers in the House of Lords, which they wanted to replace with a partially elected second chamber.

Another likely option if the exit poll results are correct would be for the Conservatives to govern alone in a minority government.

With just 10 seats short of an absolute majority - it would just have to convince a handful of opposition MPs to vote in favour of their bills in Parliament to get them through.

And considering that Sinn Fein - the Irish nationalists - refuse to take their seats, as well as the Speaker, a government effectively only needs 323 seats to pass laws.

So it is quite feasible that David Cameron is Prime Minister of a minority Conservative government with the backing of smaller parties on a vote-by-vote basis.