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Liz Truss betting odds: Bookmakers revise the stakes on her survival as PM

  • The odds of Liz Truss being pushed out of office have risen to 67% as many punters are betting on her leaving before the end of the year

  • Rishi Sunak and Jeremy Hunt are tipped as the most likely contenders to take over, but Penny Mordaunt and Ben Wallace are also in the running

  • Don't rule out Boris Johnson though – at least that's what one recent poll suggested, but would he sip from the poisoned chalice twice?

  • Read the full article to see how the odds stack against the prime minister

British Prime Minister Liz Truss attends a news conference in London, Britain, October 14, 2022.  Daniel Leal/Pool via REUTERS
Liz Truss has been in office for 42 days but might not have many more left. Photo: Daniel Leal/Reuters

As the new chancellor Jeremy Hunt read the last rites on Trussonomics right in front of its creator, Liz Truss’s leadership became increasingly precarious.

The odds on Liz Truss stepping down as Conservative party leader in 2022 have been slashed to 20/21 from 1/2 following the shock sacking of chancellor Kwasi Kwarteng and Hunt stepping in to reshape the PM's own economic plans.

Bookie Coral has the odds of the PM being replaced this year stand at 4/11.

Truss has only been in the job for 42 days but has endured one of the most politically unstable tenures in Westminster history and risks becoming the shortest-serving prime minister in the UK, beating a record set in 1827 by George Canning, who died after barely four months in office.

Read more: Markets sigh in relief as Hunt kills Trussonomics by ripping up mini-budget

The shortest serving in this century is Gordon Brown, at just two years and 318 days before he was voted out and replaced by David Cameron.

Theresa May made it to three years and 11 days, and her successor Boris Johnson managed three years and 44 days.

Truss's chances of a 2022 departure from Number 10 stood at 27% before her sacking of Kwasi Kwarteng on Friday but have soared to 67%, according to Smarkets.

With the odds against her lasting beyond Christmas, bookies are turning their attentions to who might become the next Conservative leader and Downing Street resident.

"Rishi Sunak remains favourite to take over should Truss be removed as PM and now stands at a 37% chance. The other big mover over the weekend was Ben Wallace moving up from 6% to a 16% third favourite. Penny Mordaunt is the other leading Conservative contender at a 10% chance," Matthew Shaddick, Smarkets head of Politics.

Rishi Sunak is now Sky Bet’s favourite to take over if the premier is forced out. The former chancellor that came in second in the Tory leadership race has a 7/4 chance of becoming prime minister.

The new chancellor, who came in last during the Tory race, seems to have convinced markets and gamblers that he would be a good fit for the job. Jeremy Hunts odds currently stand at 4/1.

Leader of the House of Commons Penny Mordaunt (4/1) and Defence Secretary Ben Wallace (10/1)are other leading Tory contenders succeed Truss.

Read more: Jeremy Hunt bins disastrous mini-budget and announces changes to energy bill support

Defence secretary Ben Wallace had been tipped as a potential successor to Liz Truss, but told The Times: “I want to be the secretary of state for defence until I finish. I love the job I do and we have more to do. I want the prime minister to be the prime minister and I want to do this job.”

But another name has made its way into the bookies list: Boris Johnson. SkyBet is giving him 8/1 odds.

Truss’s predecessor at Downing Street topped the list of who would be best to replace her, according to a recent poll.

A YouGov poll of Tory members found a majority (63%) think former PM Boris Johnson would be a good replacement, with 32% putting him as their top candidate.

Meanwhile, the Daily Star has launched a campaign tracking whether Liz Truss will last longer than a head of lettuce.

How UK bookmakers rate Liz Truss's chances of remaining as PM

1/2 - bet365

1/2 - Betway

5/6 - Betfair

8/13 - Paddy Power

4/9 - Sky Bet

4/9 - BoyleSports

4/11 - Coral

Watch: Figurehead prime minister? Liz Truss and the UK's political instability