Rishi Sunak is the favourite to succeed Liz Truss as Prime Minister following her resignation this afternoon.

Mr Sunak is the bookies favourite to become the next Prime Minister, having lost out to Ms Truss at the last leadership election just months ago.

Ms Truss, who has become the shortest-serving Prime Minister in British history, announced her resignation at Downing Street this afternoon.

She said: “I recognise I cannot deliver the mandate on which I was elected by the Conservative Party.

Isle of Wight County Press:

"I am resigning as leader of the Conservative Party. There will be a leadership election to be completed within the next week.

"I will remain as Prime Minister until a successor has been chosen."

Penny Mourdant, current leader of the House, joins Rishi Sunak as one of the favourites to take over from Ms Truss.

While Jeremy Hunt is also included among the frontrunners for the job, despite announcing he will not be running for Prime Minister.

Betfair spokesman Sam Rosbottom said: “After Liz Truss resigned from No.10 to become the shortest serving Prime Minister, her former leadership election rival Rishi Sunak is the 11/10 favourite to take the top job.

“Penny Mordaunt, who also stood to replace Boris Johnson, is next in the market at 7/2 and Ben Wallace is next at 8/1, while recently-appointed Chancellor Jeremy Hunt is 9/1.

“A sensational return for Johnson, who was replaced by Truss, is 13/1 and far from out of the question according to the odds.”

Odds on new Prime Minister

These are the favourites to be the next Prime Minister:

  • Rishi Sunak – 11/10
  • Penny Mourdant – 7/2
  • Ben Wallace – 8/1
  • Jeremy Hunt – 9/1
  • Boris Johnson – 13/1
  • Theresa May – 16/1
  • Michael Gove – 31/1
  • Grant Shapps – 35/1
  • Suella Braverman – 55/1