George Osborne has been cut to 20/1 with bookmakers WIlliam Hill to be the next leader of the Conservative Party.
David Cameron last week announced his decision to resign as PM, just hours after the EU referendum vote resulted in the United Kingdom voting to leave the European Union.
The Chancellor had kept a low profile over the weekend, but on Monday morning he insisted the UK is “equipped for whatever happens”, and also ruled out the possibility of an emergency budget following ‘Brexit’.
That led to William Hill cutting his odds from 28/1 to 20/1 to replace Cameron, with the Tory party set to decide on their new leader by September 2nd.
Boris Johnson is the 4/5 favourite with Hill's at time of writing after the former Mayor of London led the Leave campaign to victory.
He is followed in the betting by Theresa May at 7/4.
Next Conversative Party leader - latest betting odds from William Hill:
4/5 Boris Johnson
7/4 Theresa May
9/1 Stephen Crabb; Andrea Leadsom
12/1 Liam Fox; Michael Gove
20/1 Dominic Raab; George Osborne