The bookies are backing Rishi Sunak to be the next leader
(Picture: PA)Bookmakers are currently scurrying to settle the odds on our next prime minister as Liz Truss’s exit kicks off another Tory leadership race.
Prior to announcing her resignation outside No 10 yesterday (October 20), Truss met with Sir Graham Brady, chairman of the powerful 1922 Committee, presumably to determine whether there was any hope of saving herself.
Truss’s resignation came after a night of disarray in which home secretary Suella Braverman stepped down, while a Commons vote on fracking saw accusations of Tory MPs being manhandled into voting with the Government, added to rumours over whether chief whip Wendy Morton and her deputy Craig Whittaker had also quit.
The chaos culminated after a series of economic U-turns, when the mini-budget devalued the British pound, resulting in chancellor Kwasi Kwarteng being replaced with Jeremy Hunt.
Truss will step down from the job when her successor as Conservative Party leader is found within a week. The new leader will become the fifth Conservative prime minister in six years.
So, who are the contenders to become the 57th prime minister?
Rishi Sunak 11/10
The former chancellor defeated in this summer’s leadership contest to succeed Boris Johnson currently leads the board.
Sunak helped to topple the Johnson administration by resigning from his post. He then lost to Truss in the final round of the last leadership contest, by 43 per cent to Truss’s 57 per cent.
Penny Mordaunt 7/2
Penny Mordaunt, who finished third in the previous leadership race, is currently the House of Commons leader and lord president of the Council. In her tenure, Mordaunt has served in nine ministerial positions, including those of international development secretary and the first female defence secretary, under Theresa May.
Ben Wallace 8/1
Ben Wallace, the defence secretary, was formerly considered the front-runner among Conservative Party members to succeed Boris Johnson, but he decided against running.
Prior to his political career, Wallace held the rank of captain of the Scots Guards. He was recently seen standing vigil at the Queen’s lying-in-state at Westminster.
Boris Johnson 13/1
The former prime minister, Boris Johnson, is debating running for a second term in office at Number 10. He oversaw the Covid-19 pandemic response during his term in power, although it was marred by controversies over the atmosphere in Downing Street, including violations of the lockdown guidelines.
Michael Gove 31/1
Michael Gove was Secretary of State for Levelling Up, Housing, and Communities until July this year.
Gove was pessimistic about Truss’s leadership from the start, and not only did he back Sunak during the previous leadership campaign but also warned people to expect ‘a hell of a lot of pain in the next two months’.
When to expect the shortlist
Nominations for the next Prime Minister are now open and close at 2pm on Monday, October 24.
Candidates will need at least 100 nominations to continue to the ballot and there will be a indicative vote of MPs once there are two candidates.
The first ballot is expected to be held between 3.30pm and 5.30pm on Monday, with results to be announced at 6pm.
If for any reason a second vote is needed, this will be held from 6.30pm and the final result will be announced at 9pm.
