Rishi Sunak is the current favourite to be the next Prime Minister as Defence Secretary Ben Wallace today ruled himself out of the race. He said after "careful consideration" that he would not stand in the Tory leadership contest.
The latest prices from Betfair Exchange now have former Chancellor Mr Sunak as 13/8 favourite. Mr Wallace's odds had shortened to 5/1 from 13/2 before he said he would not take part.
Betfair Exchange's latest odds are:
Rishi Sunak: 13/8
Penny Mordaunt: 11/2
Liz Truss: 13/2
Tom Tugendhat: 9/1
Jeremy Hunt: 16/1
Nadhim Zahawi: 19/1
Suella Braverman: 22/1
Sajid Javid: 22/1
Kemi Badenoch: 33/1
Overall majority at next General Election
No Overall Majority: 4/5
Conservative Majority: 14/5
Labour Majority: 4/1
Year of next General Election
2022: 14/1
2023: 4/1
2024 or later: 1/3
Betfair spokesperson Sam Rosbottom said: “With Boris Johnson resigning as Prime Minister, Rishi Sunak is the 13/8 favourite to replace him as Conservative leader, however, with Ben Wallace not running, last listed as 5/1 second favourite, odds on Penny Mordaunt to succeed Johnson are now 11/2 and she now sits in second favourite.”
More Tories have declared their allegiances in what is gearing up to be a fierce race for the top job, as a Cabinet minister previously tipped to be a front-runner has ruled himself out of the contest. So far ministers past and present have thrown their hats into the ring, but Defence Secretary Mr Wallace said that after "careful consideration" and discussion with colleagues and family, he will not be running to be leader and the next PM.
Mr Sunak, Attorney General Suella Braverman, ex-minister Kemi Badenoch and senior Tory Tom Tugendhat have all launched their bids, with further announcements anticipated over the coming days. Foreign Secretary Liz Truss is widely expected to stand, while other potential front-runners include trade minister Penny Mordaunt, Chancellor Nadhim Zahawi, and former health secretaries Sajid Javid and Jeremy Hunt.
In a statement on social media, Mr Wallace said: "After careful consideration and discussing with colleagues and family, I have taken the decision not to enter the contest for leadership of the Conservative Party. I am very grateful to all my parliamentary colleagues and wider members who have pledged support.
"It has not been an easy choice to make, but my focus is on my current job and keeping this great country safe. I wish the very best of luck to all candidates and hope we swiftly return to focusing on the issues that we are all elected to address."
