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Post-reshuffle leadership betting: The new Foreign Secretary comes into the picture

July 15th, 2014

The Ladbrokes 14/1 looks good value

The big winner in the reshuffle is, undoubtedly, the new Foreign Secretary, Philip Hammond, who, with Theresa May, have been my long term bets at longish odds for Cameron’s successor. I got him originally at 41/1 and overnight I’ve put more on at 16.5 on Betfair and 14/1 with Ladbrokes

This looks a great price for someone who now occupies one of the three great offices of State and would be in an ideal position to compete if GE2015 goes against the Tories and we have an early leadership election.

    There’s a great rule in Tory contests – long term favourites never get it. Just ask John Major, William Hague, IDS, and David Cameron who all were elected in spite of not being favourite.

I got Cameron in September 2005 at 11/1.

One thing that Hammond has got going for himself is his back story which might fit the mood next May. He was state school educated followed by Oxford and a successful career in industry. After failing to win in 2015 with one old Etonian in charge would the party really choose another?

Hammond’s also older, 58, than the current crop of party leaders who all got their jobs while in their early/mid 40. This I’d suggest, will be seen as a strength if the Tories do lose power.

He would have been Treasury Secretary in May 2010 if the Tories had won a majority and is now into his third cabinet role since the general election.

You could see a leadership contest being fought out by Boris, Theresa, Osborne and Hammond. If he got through the first stage, the parliamentary party election, he’d do well in the final run off members’ ballot which is restricted to the top two from the MPs process.

His chances, of course, are very much dependent on a Tory defeat at GE2015.

Mike Smithson

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