Bookmakers slash the odds of numerous members of the Conservative party being named Prime Minister in July.
Just three weeks ago the fight for residency in Number 10 appeared to be a done deal, with Theresa May looking the only viable option. On the 10th May, the current Prime Minister was as short as 1/40 to keep her place at the top of UK politics, which at the time implied a 97.6% chance of her being named PM following the snap election. However, it’s not all gone to plan for the Tory leader.
Mainstream media continue to suggest that only two candidates remain in the race for Downing Street, however the bookies have had to slash the odds of three other potential leaders in the last twenty-four hours. Just three days ago the former London Mayor, Boris Johnson was 200/1 to be Prime Minister come July 1st, however Johnson can now be backed at odds as short as 33/1. If May fails to land a Tory majority in the House of Commons it will be seen by many as a defeat for the Conservatives, and could lead to a change in leadership. Following May’s no-show at yesterday’s live debate, Johnson’s percent of bets in the next PM market has risen to 9%, compared to 3% earlier in the week.
Earlier this morning, the Chancellor of the Exchequer, Phillip Hammond was also cut from 100/1 to 66/1 to be in the top job at the beginning of July with two different bookmakers, whilst his party colleague Amber Rudd came in-from 200/1 to 66/1 following her stand-in performance in the live TV debate.
Away from the Conservative party, Jeremy Corbyn has obviously been prominent in the market to be the next Prime Minister and his chances have increased rapidly over the last week. Before May’s ‘dementia tax’ u-turn, Corbyn was 9/1 to be named PM, but following last night’s televised debate, his odds have been slashed to as short as 10/3.
Lib Dem leader Tim Farron’s attempts to win over remain voters appears to have failed with his odds drifting rapidly throughout May. On the day the Prime Minister announcement he Snap election, Farron was 18/1 to be named the next PM, however his campaign appears to have derailed, and is now as big as 500/1.
Theresa May’s somehow losing a grip on the election, and even though her party remain strong favourites, questions will be asked of her leadership which could potentially open the door to fellow party members. It wouldn’t be surprising if the odds of the three politicians mentioned were cut even further in the days leading up to the election as the pressure continues to grow on the Prime Minister.
