Next Prime Minister betting and odds: Rishi Sunak favourite to replace Liz Truss

Liz Truss's chaotic 45-day reign as prime minister ended with her resignation on Thursday and there will be a swift leadership race to replace the outgoing Conservative leader.

Sir Graham Brady, head of the influential 1922 Committee of Conservative backbenchers, has confirmed the leadership contest will reach a conclusion next Friday on October 28, with Rishi Sunak heading the betting at 10-11.

Sunak, who lost the Tory leadership race to Truss in September, is the frontrunner from 12-5 poke Penny Mordaunt, while former prime minister Boris Johnson is a best-priced 5-1 and as short as 3-1 for a remarkable return to Downing Street.

Johnson was 28-1 when Truss first announced she was standing down, but his odds tumbled with reports suggesting he intends to stand again having announced his own resignation in only July.

A number of Conservative MPs have declared their support for Johnson on Twitter and a YouGov poll earlier this week showed he was the most popular candidate of potential Tory successors with 32 per cent of the vote from Sunak, who was next best on 23 per cent.

Labour leader Sir Keir Starmer has called for an immediate general election, referring to the PM merry-go-round as a "revolving door of chaos", but the betting suggests his wishes won't become a reality.

It is is 10-1 that a general election is called this year and 9-4 that the nation heads to the polls in 2023. A 2024 election is seen as the most likely outcome at 1-2, although it was a 2-9 shot only a week ago.

Labour are 1-3 to gain the most seats at the next general election with the Conservatives at 9-4.

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