Battle is on to be next PM after Liz Truss QUITS – with Rishi Sunak and Penny Mordaunt among contenders

FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak attends a cabinet meeting at 10 Downing Street in London, Britain May 24, 2022. Daniel Leal/Pool via REUTERS/File Photo

RISHI Sunak, Penny Mordaunt and Ben Wallace are the top frontrunners to be the next PM after Liz Truss resigned, according to the bookies.

Betfair has the ex-Chancellor as favourite to take over from her after the week-long leadership election to come.

Rishi Sunak is the favourite to be the next PM after Liz Truss quit

The PM said she would quit today after weeks of turmoil, and MPs pushing her to throw in the towel.

Who are all the runners and riders who could now take the top job?

Betfair spokesperson Sam Rosbottom said: “After Liz Truss resigned from No.10 to become the shortest serving Prime Minister, her former leadership election rival Rishi Sunak is the 11/10 favourite to take the top job.

“Penny Mordaunt, who also stood to replace Boris Johnson, is next in the market at 7/2 and Ben Wallace is next at 8/1, while recently-appointed Chancellor Jeremy Hunt is 9/1.

“A sensational return for Johnson, who was replaced by Truss, is 13/1 and far from out of the question according to the odds.”

Rishi Sunak

The ex-Chancellor picked up the most support amongst Tory MPs  in the initial stages of the leadership race for his handling of the economy especially through the pandemic.

But members didn’t back his bid believing he stabbed Boris Johnson in the back with a dramatic resignation triggering his downfall.

HOAR revealed earlier this week he is the public’s favourite to replace the PM.

Rishi Sunak: 11/10 (Betfair)

Ben Wallace

Ben Wallace is another contender who could run

The Defence Secretary didn’t put himself forward as a candidate in the recent contest but Tory MPs see him as competent and a safe pair of hands.

The former Scots Guards infantryman completed two operational tours of Northern Ireland before he started his political career as a Member of the Scottish Parliament then became an MP in 2005.

Ben Wallace: 8/1

Jeremy Hunt

Jeremy Hunt, the current Chancellor, may also run

He ruled out standing again as party leader having lost to Boris Johnson in 2019 and only secured 18 votes when he stood this year.

Vastly experienced having served at Culture, Health and at the Foreign Office. 

But remains divisive in the party due to backing Remain in the Brexit vote.

This afternoon, however, his allies said that he will NOT be standing for the top job.

Jeremy Hunt: 9/1

Penny Mordaunt 

Penny came third in the leadership race in the summer

The Commons chief appeared a favourite with members during the leadership race but she finished third in the vote.

The ex-Defence Secretary has been a thorn in the PM’s side despite sitting beside her in cabinet for the last two months.

But she is highly divisive among MPs, and is unlikely to command a majority of them.

Penny Mordaunt: 7/2

Boris Johnson

Boris Johnson could have another run

The former PM didn’t hide the fact he felt he’d been ousted too soon when he stepped down just a few months ago.

But he still awaits his fate in a crunch privileges committee probe into whether or not he mislead MPs in the House over what he knew about lockdown parties.

Until then, it’s hard to see how he comes back with the support of MPs.

But never say never in British politics…

Boris Johnson: 13/1