The chart from Smarkets shows the latest betting on who will be the next Conservative leader. The big change is that Jeremy Hunt’s position at the top of the betting has now been moved and Penny Mordaunt takes his place.

She maybe favourite but she’s only rated as a 13% chance just slightly ahead of Hunt with several other leading Tories not far behind.

The big thing about this market is that there is no vacancy and there is not likely to be another confidence vote on Johnson for another year.

I have noted before here how impressive I think Mordaunt comes over when she’s being interviewed on TV or when she speaks in the House of Commons.

It should be stated that Mordaunt becomes the fourth different Tory to head the market this year, along with Jeremy Hunt, Liz Truss and Rishi Sunak.

Mike Smithson