Liz Truss relinquished control of Number 10 after the departure of her home secretary, the resignation of the chief and deputy chief whips, and multiple public outpourings of displeasure from Conservative MPs.
After weeks of the market and political turmoil, relief was brought about by the appointment of a new Chancellor of the Exchequer and a U-turn on the bulk of her economic policies.
But only briefly. Following Truss’ resignation on Thursday, the UK is again looking for a new prime minister after serving a tenure in office shorter than her leadership campaign.
Sky Bet continues to back Rishi Sunak, who campaigned against Truss in the Conservative leadership race last summer, paying 8.64 pounds ($7.87) for every 5 pounds wagered on the former chancellor.
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After Chancellor Jeremy Hunt declared himself out of the running, Leader of the House of Commons Penny Mordaunt moved up to second favorite with odds of 9/4.
Boris Johnson is another contender moving up the bookmakers’ ranks. The Times stated that the former prime minister is anticipated to run for the Tory leadership, and Sky Bet lowered his chances of doing so to 4/1.
Despite mounting pressure from the opposition for a general election, Keir Starmer dropped the list of probable candidates, indicating bookmakers prefer an inside Tory successor. On Sky Bet, the odds on the Labour leader fell to 40/1.
Politics betting odds should be regarded with a grain of salt. In terms of the markets, they represent familiar investors’ opinions rather than those of expert analysts.