It’s looking like a two-horse race in the battle to be elected the next Conservative Party leader and therefore Prime Minister following the resignation of Liz Truss.

Former Chancellor Rishi Sunak and the increasingly-popular Penny Mordaunt are leading the betting following Truss’ swift resignation statement outside 10 Downing Street this afternoon.

Referencing her inability to deliver on tax-cutting promises, Truss announced that she would be vacating her position “within the next week”.

Truss has become the Prime Minister with the unfortunate record of serving the shortest term in British political history.

Her decision follows an unprecedented week during which she sacked her Chancellor before his replacement Jeremy Hunt U-turned on key policies that got her elected, plus the stormy resignation of her Home Secretary who was replaced by a Sunak-support – and shambolic scenes in the Commons over whether a vote on fracking was or wasn’t a confidence vote in her government.

Betfred has paid out £30,000 on the ‘Truss to go this year’ market – and we’ve of course opened up the betting on who will be her replacement.

Sunak is the clear 5/6 favourite at Betfred to get the keys to Number 10, with Mordaunt his closest rival at 2/1.

Politics Betting Odds

Former PM Boris Johnson has plenty of support at 7/2, while Defence Secretary Ben Wallace is available at 10/1.

Further down the betting we have another former Prime Minister in Theresa May at 50/1 alongside Michael Gove, Suella Braverman – who was sacked from Liz Truss’ government earlier this week – new Chancellor Jeremy Hunt – although he has already declared he won’t be running – and Kemi Badenoch.

Meanwhile, Labour leader Sir Keir Starmer is calling for an immediate general election – and the odds at Betfred indicate he would win a majority and thus become the first Labour Prime Minister for 12 years.

*Odds will fluctuate in this ever-changing market

Bet on the Next Conservative Leader Market