LONDON – Conservative leader David Cameron maneuvered Friday to oust Labour's weakened Gordon Brown and form a new government with the possible backing of smaller parties after a chaotic election in which no one group won a majority in Parliament.

David Cameron, leader of the Conservative Party is seen at the declaration in his Witney constituency, Oxfordshire, England, Friday, May 7, 2010. [Agencies]

The biggest - and surprise - loser was Liberal Democrats leader Nick Clegg, who failed to capitalize on his stellar TV debate performances, leaving his party stuck in its distant, third-place status.

Despite producing one of Labour's worst showings in decades, Brown could still end up staying in power, as his party eyed the Liberal Democrats as a possible lifesaver. Talks were expected between political players Friday but a definitive result could take days - or weeks.

With 615 of the 650 seats counted, the Conservatives had secured 290 seats, Labour 247, the Liberal Democrats 51 and smaller parties 27 seats. At least 326 of the House of Commons' 650 seats are needed to form a government.

"The country has spoken - but we don't know what they've said," former Liberal Democrat leader Paddy Ashdown said, summing up confusion.

A period of political wrangling and confusion in one of the world's largest economies could unsettle global markets already reeling from the Greek debt crisis and fears of wider debt contagion in Europe. Britain's budget deficit is set to eclipse even that of Greece next year, and whoever winds up in power faces the daunting challenge of introducing big government spending cuts to slash the country's huge deficit.

Polling stations around the country were overwhelmed by those interested in casting ballots in the most hotly contested election in a generation, but hundreds of people were blocked from voting due to problems with Britain's old-fashioned paper ballot system.

Turnout for the vote was 65.2 percent, slightly higher than Britain's 2005 election.

Cameron insisted that voters had rejected Brown and his Labour party.

"Our country wants change. That change is going to require new leadership," Cameron said Friday.

Brown vowed to "play my part in Britain having a strong, stable" government and indicated he would seek an alliance with the third-place Liberal Democrats, pledging action on election reform - a key demand of his would-be partners.

Clegg, who saw his campaign surge crumble, said he'll take his time to decide if his party will strike any deals with Labour or the Conservatives.

"I don't think anyone should rush into making claims, or taking decisions which don't stand the test of time," Clegg told supporters in the northern city of Sheffield.