Jeremy Corbyn is preparing a Queen’s Speech that he will attempt to push through Parliament should Theresa May prove unable to govern.

Labour wants to challenge the Prime Minister’s authority after she was embarrassed by failing to secure a House of Commons majority in Thursday’s general election.

As a result, she will be forced to rely on the support of the Democratic Unionist Party’s (DUP) ten MPs – raising the prospect that the Conservatives could struggle to pass key legislation such as a Queen’s Speech or budget.

Mr Corbyn has said he is “ready to serve” and lead a progressive coalition that could include the SNP, Liberal Democrats, Green Party and Plaid Cymru.

“We are ready to do everything we can to put our programme into operation,” he said.

“Parliament must meet and Parliament will have to take a decision on what happens, when a government puts forward the Queen’s Speech, we will put forward our point of view, we are of course ready to serve.”

John McDonnell, Labour’s shadow Chancellor, said the party would put forward a Queen’s Speech and urge other parties to support it.

“In the interests of the country we are willing to form a government – a minority government – to put forward a programme, a Queen’s speech, as well as an alternative budget and an alternative programme for the Brexit negotiations,” he said.

“And then it is up to other parties if they want to support us.”

UK Election Day 2017 Show all 38 1 /38 UK Election Day 2017 UK Election Day 2017 Door of Number 10 Downing Street is seen on the morning after Britain's election in London REUTERS UK Election Day 2017 Labour leader Jeremy Corbyn leaves his home in north London after he called on the Prime Minister to resign, saying she should "go and make way for a government that is truly representative of this country" PA UK Election Day 2017 Shadow Chancellor John McDonnell arrives at Labour Headquarters on June 9, 2017 in London, England. After a snap election was called by Prime Minister Theresa May the United Kingdom went to the polls yesterday. The closely fought election has failed to return a clear overall majority winner and a hung parliament has been declared Getty Images UK Election Day 2017 Caroline Lucas, co-leader of Britain's Green Party, speaks after retaining her seat in the general election, in Brighton REUTERS UK Election Day 2017 Patrons watch the results for Britain's election in London REUTERS UK Election Day 2017 Leader of the Liberal democrats Tim Farron celebrates beating Conservative party candidate James Airey (R) following the announcement of the results at the Westmoorland and Lonsdale constituency count at Kendal Leisure Centre on June 9, 2017 in Kendal, United Kingdom. After a snap election was called, the United Kingdom went to the polls yesterday following a closely fought election. The results from across the country are being counted and an overall result is expected in the early hours Getty Images UK Election Day 2017 Paul Nuttal, leader of the United Kingdom Independence Party reacts after failing to win the seat of Boston and Skegness at the counting centre for Britain's general election in Boston REUTERS UK Election Day 2017 First Minister Nicola Sturgeon arrives at the Emirates Arena in Glasgow, as counting is under way for the General Election. PA UK Election Day 2017 Anna McMorrin hugs Jo Stevens MP after winning Cardiff North for Labour at the Sport Wales National Centre on June 9, 2017 in Cardiff, United Kingdom. After a snap election was called, the United Kingdom went to the polls yesterday following a closely fought election. The results from across the country are being counted and an overall result is expected in the early hours Getty Images UK Election Day 2017 Vince Cable wins the Twickenham election for the Liberal Democrats. Richmond and Twickenham election Rex Features UK Election Day 2017 Britain's Labour party leader Jeremy Corbyn rubs his face after arriving for the declaration at his constituency in London AP UK Election Day 2017 Emily Thornberry speaks after holding her Islington South and Finsbury seat at the Sobell Leisure Centre in Islington, north London PA UK Election Day 2017 Britain's Prime Minister Theresa May listens as the declaration at her constituency is made for in the general election in Maidenhead, England, Friday, June 9, 2017. British Prime Minister Theresa May's gamble in calling an early election appeared Friday to have backfired spectacularly, after an exit poll suggested her Conservative Party could lose its majority in Parliament AP UK Election Day 2017 Labour Party candidate Emily Thornberry smiles at a counting centre for BritainâÃÃ´s general election in London REUTERS UK Election Day 2017 A picture shows the Elizabeth Tower, commonly referred to as Big Ben, and the Houses of Parliament in central London on June 8, 2017, on the night of Britain's general election. Prime Minister Theresa May is poised to win Britain's snap election but lose her parliamentary majority, a shock exit poll suggested on June 8, in what would be a major blow for her leadership as Brexit talks loom AFP/Getty Images UK Election Day 2017 DUP candidate for Lagan Valley Jeffrey Donaldson celebrates following his election at the Eikon Exhibition Centre in Lisburn as counting is under way for the General Election PA UK Election Day 2017 Britain's Home Secretary Amber Rudd attends the count for her seat at a counting centre for Britain's general election in Hastings REUTERS UK Election Day 2017 Ballots are counted at a counting centre for BritainâÃÃ´s general election in London Reuters UK Election Day 2017 The London Eye is illuminated in blue, representing the Conservative Party, after the first exit polls announced in Britain's general election AP UK Election Day 2017 Election officials count votes in the Emirates Arena in Glasgow, Scotland EPA UK Election Day 2017 The London Eye is illuminated in red, the color of the Labour Party, after first exit polls of Britain's national election announced in London AP UK Election Day 2017 BBC Television centre is illuminated with the exit poll results for Britain’s general election Eddie Keogh/Reuters UK Election Day 2017 Labour’s Bridget Phillipson (centre) smiles after being announced as the winner of the election for the constituency of Houghton and Sunderland South at a counting centre Reuters UK Election Day 2017 Members of the election staff prepare to count ballots, in Theresa May’s constituency in Maidenhead AP UK Election Day 2017 Ballot papers are checked ahead of the count at the Westmoorland and Lonsdale constituency count at Kendal Leisure Centre Getty UK Election Day 2017 Ballots are counted at a counting centre for Britain’s general election in Kendal Reuters UK Election Day 2017 Theresa May arrives to vote at a polling station in Maidenhead AP UK Election Day 2017 Jeremy Corbyn arrives to cast his ballot at a polling station in north London EPA UK Election Day 2017 Lib Dems leader Tim Farron outside a polling station at Stonecross Manor Hotel in Kendal, Cumbria PA UK Election Day 2017 The leader of the United Kingdom Independence Party (Ukip) Paul Nuttall arrives to vote at a polling station in Congleton Reuters UK Election Day 2017 Scottish National Party leader Nicola Sturgeon with her husband Peter Murrell (left) the CEO of the SNP after casting their votes at a polling station at Broomhouse Community Hall, Glasgow, Scotland EPA UK Election Day 2017 Caroline Lucas, co-leader of Britain’s Green Party, arrives with her husband Richard Savage, to vote in Brighton Reuters UK Election Day 2017 An advertising van showing caricatures of Tim Farron, Theresa May, Jeremy Corbyn and Paul Nuttall with the message who will be looking for a new job as Britain goes to the polls to elect a new government Rex UK Election Day 2017 Performers pose with puppet caricatures of Britain's Prime Minister Theresa May, leader of the Liberal Democrat Party Tim Farron and leader of the Labour Party Jeremy Corbyn, in front of the Palace of Westminster Reuters UK Election Day 2017 Dogs wait for their owner outside a polling station in Penally, Wales Reuters UK Election Day 2017 Police officers speak with a Labour Party activist outside a polling station in London AP UK Election Day 2017 Benedictine nuns from Tyburn Convent leave after voting in Britain's general election at a polling station in St John's Parish Hall, London AP UK Election Day 2017 A polling station sign is seen on a telephone box outside the polling station at Rotherwick Hall, west of London Getty

Mr McDonnell later told the BBC that Ms May had the weekend, “if that”, to try to form a government or else Labour would act.

“We have laid the foundations for a minority government, and then eventually a majority government,” he said.

“The instability that we now have is not from the Labour Party or other parties, it’s the Conservative Party itself.

“If we can form a minority government, I think we could have a stability government, not through deals or coalitions but policy by policy.

“That would prevent another election, because I think people have had enough of elections.”

Labour is unlikely to be able to convince Parliament to support any Queen’s Speech it puts forward.

Even if it was backed by all Labour, SNP, Green, Lib Dem and Plaid Cymru MPs, such a programme would only have the support of 314 MPs – short of the 326 needed to secure a House of Commons majority.