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The counting of votes in the London mayoral election has started.
The Conservatives are hoping Boris Johnson can crown their May Day local election victories by unseating mayor Ken Livingstone at City Hall.
But Labour will be looking to Mr Livingstone to salvage something from a night that saw them slump to third place in the national vote share.
The election will also decide the 25 members of the London Assembly, which scrutinises the work of the mayor.
The counting began at 0830 BST and is expected to take up to 12 hours.
The process is taking place at three venues - Alexandra Palace, Excel and Olympia - and the new mayor will be declared at City Hall on Friday evening.
Neck-and-neck
Opinion polls had placed Mr Livingstone and Mr Johnson neck-and-neck, with Lib Dem ex-police commander Brian Paddick a distant third.
The race to run London is the highest-profile contest in the 2008 round of elections.
Analysts say the outcome could have a powerful impact on national politics ahead of the next general election, which is due by 2010.
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Tory MP Mr Johnson has given Mr Livingstone his toughest challenge since the job of London mayor was set up in 2000.
Pundits say a first defeat for Mr Livingstone would be a blow to Labour and Prime Minister Gordon Brown.
The first Tory mayor of London would also give party leader David Cameron his biggest electoral prize so far as he tries to show the Conservatives are once more ready for office, say correspondents.
The results will almost certainly be decided on second preference votes, say pundits.
Attention in the capital will also be focused on the fortunes of the British National Party and George Galloway's Respect.
A comic character version of the mayoral contest
Both parties are vying to hurdle the 5% threshold needed to win their first seats on the London Assembly.
The Greens and UK Independence Party will be hoping to repeat their successes in 2004, when each took two seats.
Conservatives aim to remain the largest single grouping, although no single party is expected to obtain an overall majority.
About 5.5 million voters were registered to cast their ballots for the capital's elections.