Who is favourite to be the next Prime Minister?

Bookmakers have narrowed the odds on chancellor Rishi Sunak replacing Boris Johnson as prime minister following days of damaging revelations about gatherings at Downing Street.

Website Oddschecker, which compiles the odds of leading British bookmakers, has the odds of Rishi Sunak being named the next Prime Minister at 7/4, a slight improvement in his chances.

Odds for the foreign secretary Liz Truss however have changed significantly, with the likelihood of her taking the top job shortened from 10/1 to 5/1.

Betting agent Ladbrokes however have kept Liz Truss’s odds at 11/2, just under the chancellor who stands at 11/8.

Former health secretary Jeremy Hunt is the next favourite, according to Ladbrokes, with his chances at 7/1 - neck and neck with Labour leader Keir Starmer.

Bookmakers are in agreement however that Boris Johnson is likely to be pushed out of his job as prime minister in 2022.

Mr Johnson is now odds-on to be replaced this year, according to betting firms Coral and Labrokes.

“Our betting indicates the PM is unlikely to see out the year in No 10”, said Coral’s John Hill.

Ladbroke’s odds of Boris Johnson being ousted in 2022 are currently 1/5.

Jessica O’Reilly of Ladbrokes said: “With letters of no confidence seemingly being written left, right and centre, Dominic Cummings back on the prowl and Rishi Sunak’s refusal to back the PM, it leaves Boris Johnson’s future under serious threat and we’ve been left with little option but to slash the odds accordingly .”

The betting agent’s odds are at 16/1, 20/1 and 20/1 for Michael Gove, Dominic Raab and Sajid Javid respectively.

Betting giant Paddy Power said Boris Johnson was “still odds-on to survive as Prime Minister this week” but said Rishi Sunak was favourite to become the next Conservative party leader at 5/4.

They also put Boris Johnson at 33/1 odds of hosting a GB News programme if he was ousted from office.

A spokesperson for Paddy Power said: “If the PM gets any more letters, we’ll have to start calling him ‘Royal Mail’. And, with so many calls for him to resign, the race is really hotting up for his replacement.

“Rishi Sunak may be the favourite for the job, but 10/1 shot Penny Mordaunt is being heaving backed by a third of all punters.”

They added: “Boris is still odds-on to survive any votes of no confidence in the short term” but said he had odds of 4/9 of losing his seat at the next election.

The figures come as a poll of London voters published on Wednesday showing that the Tories were a startling 32 points behind Labour in the capital, according to the Evening Standard.

The YouGov poll also showed that two thirds of Londoners believe that the Prime Minister should resign.

Support for prime minister Boris Johnson has also collapsed in Red Wall constituencies, according to new rapid polling.

Labour now has an 11-point advantage over the Tories in the area, according to the poll of 518 people conducted by J L Partners.