Foreign secretary Lord David Cameron and defence secretary Grant Shapps have both been forced to cut trips short to return for an emergency Cabinet meeting, it has been reported.
Ministers have been summoned to a Cabinet meeting at 4pm but have not been told what is on the agenda, with speculation of a snap general election running rife within Westminster.
Bookies have shortened the odds of a vote being held in July to 8/11 after speculation emerged that Sunak might want to catch opposing parties off-guard and make the most out of the decrease in inflation to bolster his party’s winning chances.
The alternative still seems to be a November election which remains strong in the market at 13/8, drifting out slightly from 11/10 last month.
William Kedjanyi, political betting analyst at Star Sports, said: “With rumours circulating in Westminster this morning around Rishi Sunak calling a snap election for 4th July, we’ve cut the odds for a July election significantly.
“This time last month, we had a July election out at 11/2, but since this morning’s antics in Westminster we’ve shortened a July election into favouritism at 8/11 given Sunak’s willingness to make the most of the drop in inflation – which could give him the upper hand when it comes to the polls.
“The prospect of a November election has been the frontrunner for a while at odds of just 11/10 last month, but have since been pushed out to 13/8 as July is looking likelier by the minute.”
Cameron and Shapps have both been ordered to attend a meeting today, with the defence secretary returning under unusual circumstances.
Posting on social media, Robert Peston says he is taking the rumours of a general election more seriously this time.
He said: “The Treasury is now clear that there is zero fiscal room for £10 billion in tax cuts to be announced at a Chancellor event in the autumn – which was supposed to be the benign precursor to a November election (today’s worse-than expected-borrowing figures are only some of the data which has emptied the kitty)?
“So if there is no actual giveaway in September, why not hold the election earlier?”
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