Labour have become the favourites to win the most seats at the next general election following Keir Starmer’s announcement that he is resigning.
In an address to the nation on Monday morning from Downing Street, Starmer gave an emotional speech in which he confirmed he would be stepping down as Labour leader.
The PM’s announcement comes after Andy Burnham won the Makerfield by-election, securing his return to parliament and paving the way for him to challenge Starmer for the leadership.
And it seems Burnham is set for a full-on coronation as Labour leader following Wes Streeting’s announcement that he is endorsing the Makerfield MP for the leadership.
This makes it a very likely scenario that Burnham will be unchallenged in a leadership bid, and could become prime minister by July.
But whilst many both within and outside of the Labour party are torn on whether Starmer’s removal from power is the right course of action or not, it seems the bookies are already showing signs that Burnham’s supporters have the right idea.
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As of Monday lunchtime, Labour have become favourites with the bookies to win the most seats at the next general election.
For months, the bookmakers have had Reform as favourites for the next election, as poll after poll has them ahead of Labour.
But it seems the prospect of a Labour party led by Burnham is giving the bookies more confidence in them.
Labour are currently narrow 13/8 favourites with Star Sports to win most seats at the next General Election, ahead of Reform at 2/1, followed by the Conservatives (11/2) and Restore Britian (13/2).
However, they still reckon a hung parliament is the most likely outcome. It’s 8/15 that no party wins an overall majority, with Labour having shortened into 5/1 from 11/2 to win a majority and Reform priced at 13/2.
The odds have also shortened on an election taking place next year, going from from 11/2 into 7/2 in the last few days.
Flynn Goward, Managing Director at Star Sports, said: “Following the sudden resignation of Prime Minister Keir Starmer this morning, a General Election next year looks more and more likely.
“We had a 2027 General Election priced at 11/2 late last week and that shortened into 7/2 over the weekend, but with Starmer on his way out of Downing Street, it’s now just 11/4 that the nation will head to the polls next year.
“Labour head the betting to win most seats at the next General Election at 13/8, but they’re not far clear of Nigel Farage’s Reform (2/1), and it’s odds-on at 8/15 that no party wins a clear majority, with the political landscape changing once again this morning.”