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A one pound bet on Andy Burnham replacing Keir Starmer would now win you just a penny, according to Ladbrokes. That’s how strong a favourite Mr Burnham is to become Labour leader and Prime Minister. The former mayor of Manchester announced his Labour leadership bid on Monday afternoon, and the bookies slashed odds on him winning to just 1/100.

Wes Streeting, the former health secretary, announced he will not stand. Mr Burnham was the favourite anyway, but Mr Streeting was previously seen as the only candidate with any chance of beating him. Alex Apati of Ladbrokes said: “No one is going to stand in Andy Burnham’s way, if the latest odds are anything to go by.”

Ladbrokes Latest Betting – Next Labour leader

Andy Burnham – 1/100

Al Carns – 40/1

Wes Streeting – 50/1

Yvette Cooper – 66/1

100/1 bar

But one big question is who will be the Chancellor if Andy Burnham does become Prime Minister. Oddschecker has Wes Streeting as the favourite.

Oddschecker – Next chancellor

Wes Streeting – 4/6

Ed Miliband – 7/4

Yvette Cooper – 6/1

Shabana Mahmood – 7/1

Pat McFadden – 10/1

Jonathan Reynolds – 14/1

Darren Jones – 16/1

Torsten Bell – 25/1

Oddschecker spokesman Chris Rogers said: “As Keir Starmer’s turbulent spell as PM comes to an end, Andy Burnham prepares to take on the role. Speculation is rife over whom Burnham will choose as Chancellor.

“Wes Streeting is the 4/6 favourite with his odds slashed from 6/1 over the weekend.

“Ed Miliband is set to rival Streeting at 7/4. Punters have rallied behind the former Secretary of State for Health with over a quarter (26%) of bets expecting Streeting to get the gig.”