Who is favourite to be Prime Minister? The latest odds…

Who is favourite to be Prime Minister? The latest odds after Defence Secretary rules himself out

Former chancellor Riski Sunak is the current favourite to be the next Prime Minister, according to the latest Betfair odds.

The Richmond MP quit as Chancellor of the Exchequer last week after Boris Johnson was forced into a humiliating apology over his handling of the Chris Pincher row. It emerged Mr Johnson had forgotten about being told of previous allegations of "inappropriate" conduct.

Mr Johnson resigned as Prime Minister on Thursday after he was told he had lost the confidence of the Tory party. He said he will stay in place until a new Conservative leader is selected, which could take several weeks. The hunt is now on to find the next person for the job.

Rishi Sunak has announced his bid to be the next leader of the Conservative Party. (Getty Images)

Wales Online report s how Defence Secretary Ben Wallace today ruled himself out of the race. He said after "careful consideration" that he would not stand in the Tory leadership contest.

In a statement on social media, Mr Wallace said: "After careful consideration and discussing with colleagues and family, I have taken the decision not to enter the contest for leadership of the Conservative Party. I am very grateful to all my parliamentary colleagues and wider members who have pledged support. It has not been an easy choice to make, but my focus is on my current job and keeping this great country safe. I wish the very best of luck to all candidates and hope we swiftly return to focusing on the issues that we are all elected to address."

Defence Secretary Ben Wallace (Getty Images)

Those who have launched bids to become the next Prime Minister include Mr Sunak, Attorney General Suella Braverman, ex-minister Kemi Badenoch and senior Tory Tom Tugendhat. There are expected to be further announcements over the coming days.

Foreign Secretary Liz Truss is widely expected to stand, while other potential front-runners include trade minister Penny Mordaunt, Chancellor Nadhim Zahawi, and former health secretaries Sajid Javid and Jeremy Hunt.

The latest prices from Betfair Exchange now have former Mr Sunak as 13/8 favourite. Mr Wallace's odds had shortened to 5/1 from 13/2 before he said he would not take part.

Betfair spokesperson Sam Rosbottom said: "With Boris Johnson resigning as Prime Minister, Rishi Sunak is the 13/8 favourite to replace him as Conservative leader, however, with Ben Wallace not running, last listed as 5/1 second favourite, odds on Penny Mordaunt to succeed Johnson are now 11/2 and she now sits in second favourite."

Betfair Exchange's latest odds are:

Rishi Sunak: 13/8

Penny Mordaunt: 11/2

Liz Truss: 13/2

Tom Tugendhat: 9/1

Jeremy Hunt: 16/1

Nadhim Zahawi: 19/1

Suella Braverman: 22/1

Sajid Javid: 22/1

Kemi Badenoch: 33/1

Overall majority at next General Election

No Overall Majority: 4/5