Cameron and Miliband draw up plans to claim power

David Cameron, Britain's prime minister, is putting in place plans to hold on to power and deliver his promised referendum on EU membership even if he fails to win an outright majority in a knife-edge general election on Thursday.

But opposition Labour party leader Ed Miliband is making similar plans to form a minority government and could become prime minister even if he finishes second, thanks to the expected support of the separatist Scottish National party, which is expected to win by a landslide north of the border.

Opinion polls put the Conservatives and Labour neck-and-neck on about 34 points each, promising one of the most uncertain outcomes for decades in a British election, which until 2010 usually delivered a clear parliamentary majority to one of the two main parties.

The Tories insist they detect some last minute momentum in their favour. Allies of the Conservative leader say Mr Cameron would "move quickly" to begin talks with his current coalition partners, the pro-European Liberal Democrats, if he emerges with the most seats on May 7.

The prime minister made clear yesterday that his plan to hold an "in-out" referendum by 2017 on Britain's EU membership was a red line, saying: "I would not lead a government that doesn't have that referendum in law and carried out."

Lib Dem leader Nick Clegg signalled he could give Mr Cameron his referendum in exchange for his own party's red lines, including more spending on schools, healthcare and a "fairer" deficit reduction plan.

The FT's election calculator gives Mr Cameron 274 seats and Mr Miliband 270 - both well short of the 325 target for a House of Commons majority - leaving both dependent on the backing of other parties.

If Mr Cameron emerges as the leader of the biggest party he is expected to begin talks with the Lib Dems and also the Democratic Ulster Unionist party, which is demanding more public spending in Northern Ireland.

Some Conservatives expect him to make his move on Friday, the day after polling day, to establish momentum, but even Lib Dem and DUP support may not take him over the finishing line.

The SNP, which is opposed to austerity and wants to scrap Britain's nuclear deterrent, has said it would help Mr Miliband into power in a hung parliament and "lock David Cameron out of Downing Street".

It has built on the momentum of last year's independence referendum - which it lost by 45 to 55 per cent - and polls suggest it could win most of the 59 Scottish seats at Westminster.

Mr Miliband, who opposes an EU referendum, has ruled out any formal deal with the SNP but could become prime minister knowing the nationalists would not vote down a Labour legislative programme, known as the Queen's Speech.

"You get to form a government if you have the confidence of the House of Commons," said one Labour official.

Mr Miliband attracted social media mockery on Sunday by carving his campaign promises on a large limestone slab - immediately dubbed the "Edstone" - with Labour officials saying it might be erected in the Downing Street garden as an aide memoire.

Both Mr Cameron and Mr Miliband will engage in a frenetic final round of campaigning over the next three days, suggesting that both men could be exhausted when the post-election haggling begins on May 8.

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