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Rishi Sunak cut from 8/1 into as short as 7/2 to be next Conservative leader

Rishi Sunak cut from 8/1 into as short as 7/2 to be next Conservative leader

The Chancellor of the Exchequer has also seen significant support in the next Prime Minister market.

Bookmakers have cut odds on Chancellor of the Exchequer Rishi Sunak becoming the next Conservative Party leader.

Priced at 8/1 early yesterday, Mr Sunak saw his price fall to as short as 7/2 following the unveiling of his financial measures to tackle the coronavirus crisis.

In the Betfair Exchange “Prime Minister after Boris Johnson” market, Mr Sunak is priced at 5.8, second to Labour leadership favourite Keir Starmer. That’s a current implied probability of 17.2% that he succeeds Boris Johnson.

Pledging an initial £350bn in support for the British economy, Rishi Sunak repeatedly told a press conference the government would do “whatever it takes” to shore up British businesses and citizens.

The figure touted translates to around 15% of the country’s entire GDP and obliterates the numbers included in the new chancellor’s budget less than a week prior.

Rishi Sunak was only appointed as chancellor in a Cabinet reshuffle last month, replacing Sajid Javid.

Oddschecker spokesperson Callum Wilson: “The term ‘trial by fire’ comes to mind when describing Rishi Sunak’s time in Boris Johnson’s Cabinet so far.

“Having delivered his first Budget just last week, he is now having to respond to an unprecedented crisis. If he is able to help guide the country’s economy through such uncertainty, he will certainly be in the leadership mix in the coming years.”