Next PM odds - Boris Johnson second-favourite to be next Prime Minister

Boris Johnson on Friday morning leapfrogged Penny Mordaunt in the race to replace Liz Truss as Prime Minister, bookmaker Ladbrokes reports.

Ladbrokes have Mr Johnson, the former PM, priced as the 15/8 second-favourite in their latest next PM odds, while Rishi Sunak leads the way at 8/11.

Ms Mordaunt is out to 9/2 at time of writing, with every other name currently being 20/1 or bigger.

Ladbrokes spokesman Alex Apati told FreeTips.com: "It's been quite the 24 hours on the political betting front, and despite initially being priced as an unlikely outsider for a sensational return to Downing Street, Boris Johnson is fast-closing the gap on Rishi Sunak at the head of the betting to replace Liz Truss."

Liz Truss resigned as UK prime minister on Thursday after less than two months in the job, with a Conservative leadership election set to take place over the next week.

Bookmakers immediately reacted by making Mr Sunak - who lost to Truss in the last leadership election - the clear favourite.

Nominations to succeed Ms Truss as the next Conservative Party leader and PM will close on Monday afternoon (October 24th).

To enter the contest, candidates will require at least 100 nominations from Conservative MPs.