Cherie Blair and Mandelson said to be encouraging him to stand

The former Health Secretary, Alan Milburn, is reported by the Sunday Telegraph this morning to be ready to mount a challenge to Gordon Brown when Tony Blair eventually steps down as Labour leader.

According to the paper’s political editor, Patrick Hennessy, a Milburn aide is reported as saying that “When the time comes, Alan will be very well positioned to challenge Gordon..He does not expect to win – but he feels it important that Gordon should not have things all his own way.”

According to Hennessy, among the figures who have been encouraging Milburn to stand are Cherie Blair and the UK’s EU Commissioner, Peter Mandelson.

The best betting price you can get against Milburn is 20/1 which puts him fourth in the betting. The current second favourite behind Gordon Brown (0.29/1) is Charles Clarke at 12/1.

Because the timing of Blair’s going is so much up in the air we expect lots of different reports like this about senior Labour figures in the coming months and years.

Eve of Conference Tory leadership betting prices

Conventional bookmakers best price: Davis 1/2: Clarke 5/2: Cameron 10/1: Fox 10/1: Rifkind 40/1

Betfair betting exchange: Davis 0.6/1: Clark 3.5/1: Cameron 10.5/1: Fox 12/1: Rifkind 89/1

BinaryBet spread market. Davis 56-63: Clarke 23-29: Cameron 5-9 Fox 5-9: Rifkind 1-3

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Mike Smithson