David Cameron would be willing to go it alone and risk an unstable Conservative minority government if the party wins the most seats at the general election.

With just one day until polling day and a hung parliament the most likely outcome, Cameron will reportedly declare the Tories as victors and set about forming a government.

He will say that as the party with the most seats, the Conservatives have the legitimate right to remain in power, The Telegraph reports.

The declaration could leave Labour scrambling to the negotiating table to try and piece together a coalition with more MPs than the Tories.

Meanwhile, Ed Miliband suggested he was looking beyond the possibility of winning a majority as the Labour leader drew a red line over scrapping the non-dom rule.

The pledge appeared to be a ploy to the Liberal Democrats after Miliband repeatedly ruled out doing a deal with Nicola Sturgeon and the SNP.

The Libs Dems continued to position themselves as a party of coalition, with leader Nick Clegg yesterday warning that Britain faced a second election before Christmas unless the party is involved in a power sharing deal.

"The last thing Britain needs is a second election before Christmas," he said.

"But that is exactly what will happen if Ed Miliband and David Cameron put their own political interest ahead of the national interest.

"The only party that will ensure stability is the Liberal Democrats."