John McDonnell has imposed a deadline on Theresa May to form a government before Labour steps in.
The shadow chancellor said the Prime Minister has until the end of the weekend to strike a deal to put her back into Number 10, or step aside to allow her rivals to form a coaliton.
Jeremy Corbyn, arriving back at Labour Party headquarters on Friday morning to rapturous applause, said he is ‘ready to serve this country’.
“That’s what we fought this election for and this is the programme we put forward,” he added.
When asked if he would do any deals with the SNP or Lib Dems, Corbyn said: “We are offering to put forward the programme on which we fought the election.
“We have done no deals and no pacts with anyone.
“We are there as the Labour Party, with our points of view, everyone knows what they are and everyone can see the huge increase in support because of the way we conducted the election and the nature of the programme we put forward.”
Theresa May’s aides say she has ‘no intention’ of standing aside and will go to the palace to speak with the Queen at 12.30pm.
To command a majority in the Commons, a party needs 326 of the 650 seats.
With just one seat left to count - the London constituency of Kensington - the Conservatives have 318 MPs, Labour 261, the SNP 35, the Lib Dems 12 and the DUP have 10.
The incumbent government will remain in office and be given the chance to form a new administration, meaning the Tories could seek to form their own coalition or look to strike a deal with one of the smaller parties.