Odds on prime minister Liz Truss leaving Downing Street before the end of 2022 were slashed on Friday after she sacked her chancellor and reversed sweeping tax cuts.
Waning confidence in Ms Truss’s political and economic credibility follows weeks of financial turmoil as markets were sent reeling by former chancellor Kwasi Kwateng’s so-called mini-Budget.
William Hill made the embattled PM just 5/4 to leave her role before 2023 – down from 11/2 on Thursday – following her curt press conference announcing the U-turn on cutting corporation tax.
As simmering calls from Tory MPs for her to step down begin to boil over, figures tipped to replace the PM in No 10 face growing attention.
Less than 40 days into Ms Truss’s chaotic premiership, the bookmaker reports that Rishi Sunak, her leadership rival, has been backed 2/1 to become the next Conservative party leader. Trailing behind are Penny Mordaunt (5/1), the newly-appointed chancellor Jeremy Hunt (7/1) and Kemi Badenoch (8/1).
“It’s very much crisis mode for the government with first Kwasi Kwarteng departing and now Liz Truss in serious trouble after their mini-Budget went down like a lead balloon,” William Hill spokesperson, Tony Kenny, said.
“Our markets suggest it’s now doubtful whether Truss will remain as prime minister by 1 January next year, with this mini-budget backlash continuing to serve up some dire consequences for the government.”
Despite appointing seasoned Cabinet minister Jeremy Hunt to replace Kwasi Kwarteng in the Treasury to steady the ship, the future of Ms Truss’s leadership remains precarious.
In the hours after her press conference Betfair said the odds on Ms Truss stepping down as Conservative party leader in 2022 have been slashed to 4/5 from 3/1.
Mr Sunak and Ms Mourdaunt again featured as popular replacements for the current prime minister, this time joined by former PM Boris Johnson, with his chances of moving back into Downing Street pinned at 12/1.
Betfair spokesperson Sam Rosbottom said: “We’ve already seen one departure from Downing Street today, and the odds now suggest there could be another by the end of the year.”
