Chuka Umunna's odds of becoming the next leader of the Labour party shortened again following confirmation that he would be running.

Umunna is now 11/8 favourite with Ladbrokes to take over from Ed Miliband but there has been significant continued support for Liz Kendall. She was 100/1 for the top job four months ago but is now the 5/1 third favourite.

Meanwhile, money has continued to pour in for Tim Farron to take over at the Liberal Democrats and he is now a red-hot 1/5 favourite.

Norman Lamb drifted to 7/2 on Tuesday afternoon but there has been some interest in Greg Mulholland to mount a challenge, with his odds in from 20/1 to 14/1.

Ladbrokes spokesman Matthew Shaddick told BetOnPolitics.co.uk: "There's a long way to go in both of these races, but right now Umunna and Farron look to be pulling clear."

Latest Next Labour Leader odds:
Prices correct at time of writing and courtesy of Ladbrokes

Chuka Umunna 11/8
Andy Burnham 11/4
Liz Kendall 5/1
Yvette Cooper 6/1
Tristram Hunt 8/1
Stella Creasy 25/1
David Miliband 33/1
Jamie Reed 33/1

Next Permanent Labour Deputy Leader
Tom Watson 5/4
Caroline Flint 5/2
Angela Eagle 6/1
Stella Creasy 6/1
Simon Danczuk 10/1
Gloria De Piero 10/1

Next Permanent Liberal Democrat Leader
Tim Farron 1/5
Norman Lamb 7/2
Greg Mulholland 14/1
Alistair Carmichael 14/1