Kwasi Kwarteng has paid the price for the chaos unleashed by his mini-budget as he was reportedly sacked by Liz Truss.
The Chancellor flew back early from International Monetary Fund talks in Washington on Friday (October 14) to be informed of his fate in a brief meeting with the Prime Minister, it was reported. The BBC says it understands that Kwasi Kwarteng is no longer chancellor.
It would mean Mr Kwarteng stayed in the job for a total of 38 days. Ms Truss will stage a press conference in Downing Street later on Friday in which she is expected to announce major changes to Mr Kwarteng’s £43 billion tax giveaway.
Read more: Kwasi Kwarteng 'sacked as chancellor' as Liz Truss to hold press conference today - LIVE updates
But who could appointed as the next Chancellor? According to BetFair, former Health and Social Care Secretary Sajid Javid tops the list.
Mr Javid has been backed to 5/6 favourite from 6/1, while the odds on Liz Truss’ leadership rival Rishi Sunak returning to number 11 have been slashed to 7/1 from 20/1. In full, the odds are:
- Sajid Javid: 5/6 (was 6/1)
- Nadhim Zahawi: 2/1
- Rachel Reeves, Simon Clarke: 4/1
- Jeremy Hunt: 6/1
- Rishi Sunak: 7/1
- Mel Stride: 9/1
- Andrea Leadsom, Steve Barclay: 10/1
- Therese Coffey: 12/1
- Michael Gove, Penny Mordaunt: 14/1
- Chris Philp, James Cleverly, John Redwood: 16/1
- Jacob Rees-Mogg 20/1
- Kemi Badenoch: 25/1
- Boris Johnson: 50/1
Betfair spokesperson Sam Rosbottom said: “As Kwasi Kwarteng touches down the odds on the next Chancellor have taken off and Liz Truss has finally given in to mounting pressure on him and decided that a change at number 11 was needed.
“Sajid Javid has been backed into 5/6 odds-on favourite from 6/1 in the last hour to fill the role, while Truss picking up the phone and asking her leadership election rival, Rishi Sunak, to return to office is 7/1, though he might be eyeing up a move to number 10 and is the 5/2 favourite to be the next Conservative leader.”
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