Chancellor Rishi Sunak was briefly tipped as a rising star in British politics, but his fall from grace appears to have been quick after a Partygate fine and controversy surrounding his wife's taxes.
The odds have shortened on him being replaced in the role, despite being the favourite to replace current under-fire Prime Minister Boris Johnson only a few months ago.
Former Labour leader Ed Miliband ripped into the Chancellor in the House of Commons and said his reputation has "crashed like cryptocurrency", while Shadow Chancellor Rachel Reeves said Labour would abolish the non-dom tax loopholes.
Miliband criticised Sunak's handling of the cost of living crisis and called on the government to introduce a windfall tax on oil companies, voted down by Tory MPs.
Oil companies have made record profits while energy bills for hard-working Brits have gone up by £693 a year for the average household. Petrol prices at the pumps have also reached record highs in recent months.
So who could replace Rishi Sunak?
Who could replace Rishi Sunak?
The current favourite to replace Rishi Sunak as Chancellor is Labour Shadow Chancellor Rachel Reeves with odds of 5/1.
After Partygate and a string of other scandals such as sleaze allegations, support for the Tories has dipped dramatically in the polls and Labour are the current favourites to take the most seats in the next general election.
Even before the Conservatives lost another 336 council seats in the May local elections, rumours were swirling about a possible early election called in 2023.
If an early election occurs, then Sunak might be Chancellor when it is called and Reeves could well be the replacement.
Rachel Reeves has now pledged that Labour will abolish the non-dom tax loopholes that allow some people to pay taxes only on their UK income.
Reeves said: "[It] simply isn’t right that those at the top can benefit from outdated non-dom tax perks.
"If you make your home in Britain you should pay tax here – on all of your income."
Will the Tories replace Rishi Sunak as Chancellor?
Rishi Sunak is currently listed with odds of 4/5 to be replaced as the Chancellor this year and is 10/11 to be replaced in 2023 or later.
Several Tories are currently listed as potential replacements for Sunak and current Foreign Secretary Liz Truss has had her odds shortened recently from 10/1 to 6/1.
The odds shortening means Truss tops the list of Tories to replace Sunak, but is behind Reeves.
Alex Apati of Ladbrokes said: "Punters have grown convinced over the last few days that Liz Truss will step in upon Rishi Sunak's seemingly imminent exit, and a flurry of bets on exactly that have forced us to slash odds from 10/1 to just 6/1 second-favourite as things stand."
Education Secretary Nadhim Zahawi, previously an Under-Secretary of State for Business and Industry, is next up behind Truss on 7/1, followed by former chancellor and now Health Secretary Sajid Javid.
The full list of odds is as follows:
- Rachel Reeves - 5/1
- Liz Truss - 6/1
- Nadhim Zahawi - 7/1
- Sajid Javid - 8/1
- Alok Sharma - 10/1
- Kwasi Kwarteng - 10/1
- Lucy Frazer - 10/1
- Michael Gove - 10/1
