Odds have been slashed on Liz Truss making an early exit from Downing Street amid economic turmoil.
The prime minister’s odds of a swift exit were cut from 40/1 to just 7/1 in a matter of days, according to Ladbrokes.
Meanwhile, Rishi Sunak leapfrogged five other Tory MPs overnight as the favourite to replace her at just 4/1.
“What a week Liz Truss is having. Confidence in the newly-appointed PM is fast dwindling and 7/1 says she’s sent packing before the end of the year,” Alex Apati of Ladbrokes said.
“That means the Tory leadership race could be well and truly on once again, and it’s former frontrunner Rishi Sunak who is now back at the head of the betting.”
Truss has come under fire after her chancellor Kwasi Kwarteng’s mini-budget spooked markets and sent the pound crashing.
Mortgage lenders have followed suit, suspending new deals amid fears over rapidly rising rates.
The International Monetary Fund [IMF] launched a stinging attack on the UK’s tax-cutting plans and called on Truss to reconsider them to prevent stoking inequality.
And on Wednesday, the Bank of England announced an emergency intervention to calm the markets.
Elsewhere, Kemi Badenoch remains a 7/1 shot ahead of Boris Johnson on 8/1, while every other name is now 12/1 or bigger.
It comes after odds were slashed on Keir Starmer becoming PM following his speech at the Labour Party conference.
The Labour leader saw his odds shorten from 4/5 to of 2/5 with bookmaker Coral as he became the strong favourite to win the next election.
Ladbrokes Latest Betting
When will Liz Truss be replaced as Prime Minister?
2022 – 7/1 (40/1 last Saturday)
2023 – 11/8
2024 – 9/4
2025 or later – 3/1
Who will replace Liz Truss as Tory Leader?
Rishi Sunak – 4/1
Kemi Badenoch – 7/1
Boris Johnson – 8/1
Penny Mordaunt – 12/1
Ben Wallace – 14/1
James Cleverly – 14/1
Kwasi Kwarteng – 16/1
Truss took part in a local radio media round on Thursday morning in which she faced a number of awkward moments.
At one point she was left struggling for answers as she was grilled over her controversial plans to let fracking begin again in the UK.
It was the first time the prime minister had spoken publicly in the six days since Kwarteng’s mini-budget was announced.