Next UK PM Odds: Rishi Sunak Is Favourite, Boris Johnson Climbs Rankings

Liz Truss let go of the keys of Number 10 following the removal of her home secretary, the resignation of the chief and deputy chief whips, and several public outpourings of dismay from Conservative MPs.

The appointment of a new Chancellor of the Exchequer and a U-Turn on the majority of her economic plans had provided respite following weeks of volatility in markets and politics. But not for long. Truss stepped down on Thursday, after a term in office that was shorter than her leadership campaign, leaving the UK once again in the market for a new prime minister.

Rishi Sunak, who ran against Truss in the Conservative leadership election this summer, remains Sky Bet’s favorite, with the bookmaker paying out 8.64 pounds ($7.87) for every 5 pounds bet on the ex-chancellor. Leader of the House of Commons Penny Mordaunt climbed to second-favorite at odds of 9/4 after Chancellor Jeremy Hunt ruled himself out of the race.

Another candidate climbing the bookies’ rankings is Boris Johnson. Sky Bet slashed odds to 4/1 on him making a sensational return to office after the Times reported the former prime minister is expected to stand in the Tory leadership contest.

Keir Starmer slipped down the list of likely candidates, suggesting bookies favor an internal Tory replacement rather than a general election, despite pressure building for one from the opposition. Odds on the Labour leader plummeted to 40/1 on Sky Bet.

Odds from betting on politics should be taken with a large pinch of salt. In markets terms, they reflect the views of retail investors, rather than professional analysts.