Picture: Note there are other candidates available in this market, this is merely a screen grab of the leading candidates.

Backing Chris Grayling as the next Chancellor of the Exchequer at 12/1 looks like a good bet.

Ladbrokes have put back up their market on the next Chancellor of the Exchequer, given recent events whomever becomes Prime Minister will likely be appointing a new Chancellor, although there are stories that were Michael Gove to become Prime Minister, he’d retain George Osborne as Chancellor.

However I’m proceeding on the assumption that Michael Gove won’t be the new Prime Minister, if it is Theresa May then I think backing Chris Grayling at 12/1 is the best option. He’s known Theresa May for a few decades, he’s her campaign manager, and he’s also a Brexiteer, which would allow a fractious party to unite.

Additionally Grayling impressed many with his conduct during the referendum campaign by not attacking his fellow Tories who were backing Remain.

With the potential economic impacts of Brexit being an issue, the job of Chancellor might be even more important than usual, so Theresa May might appoint someone she knows well and trusts, and who doesn’t have leadership ambitions of his own. Additionally I’m not sure the top two should be the favourites.

Andrea Leadsom has no cabinet level experience, and to quote a former resident of both Number 10 and 11, ‘this is no time for a novice’ whilst Michael Gove’s recent transformation into the lovechild of Frank Underwood and Niccolò Machiavelli has alarmed, disturbed, and enraged many Tories.

Would any PM really want Gove in one of the great offices of state, especially if it will annoy a significant portion of the Parliamentary Conservative Party? I suspect Andrea Leadsom or Michael Gove will be in charge of the Ministry for Brexit that Theresa May is planning to create  to reassure those Leavers concerned about having a party leader that was a supporter of Remain.

TSE