The problem is everyone who looks at the first past the post results sees the percentages and then says its unfair. However it is a false assumption that the voting results would be the same you only have to look at the Europian results to see this.. The Europian elections use a PR like system.
The biggest second party would be... UKIP Not liberal or labour! second figure is no of seats based on 632 non northern ireland seats
Conservatives 27.7% (171)
United Kingdom Independence Party 16.5% (104)
Labour 15.7% (99)
Liberal Democrats 13.7% (86)
Greens 8.6% (54)
British National Party 6.2% (39)
Scottish National Party 2.1% (13)
Plaid Cymru 0.8% (5)
Ok I have not include northern ireland in the about as they are listed seperately in the base table.
The only viable governments would have to have UKIP in it and probably liberals, I can't see them working together.
Con+ukip = 275
Lab+liberal+green+SNP+PC = 257
Con+UKIP+LIB=361
LAB+LIB+UKIP=289
LAB+LIB+UKIP+GREEN=343
The interesting thing here is the liberal vote, its seems more vote liberal because its not the other two rather than the other way around! Actually they should only have 17 more seats not the 92 they would be expecting also I think the UK will never see a majority government again.