Liz Truss has resigned as Prime Minister after just 44 days in charge, with Rishi Sunak priced at 2/7 to be the Next Conservative Leader, with a general election in 2023 now 5/2.
The last few weeks have seen spiralling interest rates following September’s mini-budget triggering severe market volatility.
Such was the impact on the financial markets – and the opinion polling – the futures of the Prime Minister and the Chancellor, Kwasi Kwarteng, despite having spent less than two months in their respective jobs, were heavily called into question.
Just three weeks after the mini-budget, Kwarteng was removed from post with former Health Secretary Jeremy Hunt stepping in and immediately reversing the majority of tax cuts introduced as part of the mini-budget.
Having taken a record 17-point lead over the Conservatives in late September, Labour has since pulled further away in the polls, to establish a 28-point lead over the Tories. Recent seat projections, should a general election be called, have the Tories in danger of having fewer seats than the SNP.
Labour are 4/11 to win the most seats at the next general election.
After David Cameron’s victory in the 2015 general election, the United Kingdom was not set to go to the polls again until 2020, but both Theresa May and Boris Johnson, citing Brexit, called snap elections in 2017 and 2019.
While 2022 (8/1) is likely too soon for a general election, the price of a general election in 2023 is 5/2, with 2024 or later still odds-on at 2/5.
George Canning was the shortest serving UK Prime Minister, having passed away in office, serving 119 days in 1827. Sir Alex Douglas-Home lasted a year and a day before being ousted at the general election in 1964 to Harold Wilson.
But Truss will fall a long way short of both, resigning after just 44 days in office.
It means the Tories must appoint a fifth leader in little over six years. Despite facing a vote of confidence before his resignation earlier in the year, Boris Johnson remains popular with Conservative members and is 11/4 to be named Next Conservative Leader having been as big as 16/1 on Thursday.
However Prime Ministerial candidate Rishi Sunak is 2/7 favourite having made the final two in the summer, only to lose out to Truss following a vote by Conservative members.
A new poll on Monday, prior to the Prime Minister's resignation, revealed that Conservative members favoured Sunak over Truss by a margin of 20%.
Prices correct at time of publishing.