Rishi Sunak to resign - Latest Next Tory Leader Odds revealed

Tom Tugendhat and Jeremy Hunt are being tipped as possible Conservative party leaders after Rishi Sunak announces his plans to resign.

It comes after their party's historic defeat in the general election on Friday morning (July 5th, 2024).

Tugendhat has gone from 6/1 to 4/1 with bookmakers William Hill, making him second favourite behind Kemi who has gone from 5/2 to 2/1.

Hunt has this morning moved from 66/1 to 16/1 after retaining his seat.

Other names in the betting include Priti Patel (9/2), newly-elected Reform UK MP Nigel Farage (7/1) and former prime minister Boris Johnson, who has been cut from 25/1 to 12/1.

William Hill spokesman Lee Phelps said: "Following last night’s landslide victory for Labour, there’s likely to be a lot of soul searching within the Conservative Party as they face up to relinquishing power in Westminster for the first time in 14 years."

Sunak confirmed on Friday morning that he will resign as Tory leader, but said he would not do so immediately and will only depart when formal arrangements for a successor have taken place.

Speaking outside 10 Downing Street for the final time, the outcoming PM said: "It is important that, after 14 years in government, the Conservative party rebuilds, but also that it takes up its crucial role in opposition professionally and effectively."

"I have heard your anger, disappointment and I take responsibility for this loss."