Prepare for an early promotion for the former advisor

Before Christmas we were saying that that the 5/1 then available against David Blunkett returning to the cabinet during 2005 was a great value way of betting on Labour to be top party. That proved to be a profitable punt.

Now a similar bet is available on who will be the next Chancellor of the Exchequer. For if Gordon Brown, now just 2/9 to become next Labour leader, does make it to Number 10 then his former advisor Ed Balls will, surely, be appointed Chancellor. These two have been so close in their management of the economy over the past eight years that it is hard to envisage Brown being happy with anybody else in the post.

So our strong tip is to take the 4.2/1 that’s currently available on Betfair and back Balls to be Brown’s successor at Number 11.

On the face of it such accelerated promotion for somebody who only became an MP nine days ago seems to lack plausibility. The Westminster way is that you wait for some time as a back-bencher and then get a very junior role as you start your progess up the greasy poll. But Ed Balls, the new MP for Normanton, is different and it is no wonder that he is now second favourite, behind Alistair Darling, to succeed Brown.

The fact that Tony Blair’s desire for an orderly transition seems to be more on track this weekend than last makes Balls’s chances that much great.

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Mike Smithson