Liz Truss remains odds-on to go this year as Tory MPs publicly call for her to resign.
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.
Betfair Exchange made the prime minister 4/7 to leave her role before 2023 – down from 8/11 since Monday when Jeremy Hunt scrapped most of her mini-Budget.
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 15/8 to become the next Conservative party leader. Trailing behind are Penny Mordaunt (9/2), new chancellor Jeremy Hunt (5/1) and Ben Wallace (11/1)
Betfair spokesperson Sam Rosbottom said: “Despite insisting she will not resign as Prime Minister after facing heavy criticism for her economic plans, Liz Truss is odds-on at 4/7 to leave her role this year. Notably, the Tory leader’s odds continue to shorten, having been 8/11 on Monday.
“Five Tory MPs have publicly called for Truss to quit, and Rishi Sunak is the 15/8 favourite to replace her. However, odds on Penny Mordaunt to be the next Tory leader have been slashed to 9/2 from 9/1 overnight.”
Defence secretary Ben Wallace had been tipped as a potential successor to Liz Truss, but told The Times: “I want to be the secretary of state for defence until I finish. I love the job I do and we have more to do. I want the prime minister to be the prime minister and I want to do this job.”
He had been expected to attend a meeting of the Commons Defence Committee on Tuesday afternoon but this will now be rescheduled.
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.
It comes as betting firms are getting involved with the Daily Star’s campaign tracking whether Liz Truss will last longer than a head of lettuce.
“Things have gone from bad to worse for Liz Truss and the Tories, and we’re now looking at one of the biggest swings in recent history between elections,” said Alex Apati, spokesman for Ladbrokes said. “Forget lettuce, the latest odds suggest Truss will do well to outlast the life span of a mayfly at this rate.”
If Ms Truss resigns before the end of the year, that would make her the shortest serving prime minister in history, beating a record set in 1827 by George Canning, who died after barely four months in office.
