The opposition leader has been stung by a raft of resignations from within the party.
Labour Party leader Jeremy Corbyn is under significant pressure following the resignation of seven MPs in a protest against his leadership.
The reaction from bookmakers has been to cut odds on the 69-year-old being replaced this year. A 2019 exit has been cut from 5/2 to 9/4 since the news broke, while 2022 has now drifted to 5/2.
Punters have responded to the news in a similar fashion, with 76% of bets on the market going on this year being Corbyn’s last as leader of the opposition.
Dissatisfied with their leader’s handling of Brexit planning and several rows over anti-Semitism, the group of MPs say they are not forming a new party, but will instead sit in Parliament as part of the Independent Group.
The news of a split within the party has not just damaged Jeremy Corbyn’s position in the markets. The already seemingly unlikely possibility of a Labour majority in the next General Election has subsequently drifted from 11/4 to 3/1.
Oddschecker spokesperson George Elek: “The Labour ‘split’ will be played down as a minor blip by those close to Corbyn, but the fact remains that in a time of constant uncertainty over the country’s future, voters will be reluctant to support a party that is suffering divisions such as these.
“If more MPs were to defect to this group, Corbyn would certainly struggle to maintain his position at the head of the party and bookmakers and punters have already started to react.”
