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Next Labour leader odds: Party chairman Ian Lavery cut from 100/1 to 12/1

Next Labour leader odds: Party chairman Ian Lavery cut from 100/1 to 12/1

Ian Lavery's odds crashed after revealing he is 'seriously considering' a leadership bid.

Bookmakers have slashed odds on Labour chairman Ian Lavery becoming the next party leader.

Having been priced at 100/1 in places yesterday, he's now as short as 12/1, with a best price of 22/1 on offer.

After telling the press yesterday he was "seriously considering" a leadership bid, Mr Lavery is the most backed in the last 24 hours with 39% of bets. That puts him comfortably ahead of favourite Sir Keir Starmer with 21% in the same period.

Rebecca Long-Bailey leads the running for the Corbynite candidates in the betting markets. However, a challenge from fellow Corbyn ally Ian Lavery could split senior figures in the party.

The shadow business secretary is yet to formally confirm her bid for the leadership, but sits second in the market at 11/4 having previously been the odds-on favourite.

Long-Bailey staunchly defended the party’s policies throughout the unsuccessful election campaign, and has since laid much of the blame for the defeat on their Brexit strategy.

With her main rival in a leadership contest likely to be shadow Brexit secretary and 15/8 favourite Sir Keir Starmer, this is likely to remain her key argument.

Oddschecker spokesperson Callum Wilson: “Former miner Ian Lavery could throw a spanner in the works for senior left-wing figures in the Labour Party, with their support likely to then be split between him and Rebecca Long-Bailey.

“Potential candidates are beginning to flex their muscles ahead of the leadership contest, but it will be interesting to see where the market settles once the runners are formally declared.”