With Justice Secretary Michael Gove failing to make the final round of the Conservative Party leadership contest, William Hill has shortened its odds on Andrea Leadsom taking the Tory helm from 7/2 to 3/1.
The leadership race is now down to its final two mares in Andrea Leadsom (Minister of Energy) and market favourite Theresa May (Home Secretary).
Since the start of the Tory Leadership market, Theresa May has been the firm favourite to replace David Cameron as next UK Prime Minister. May is currently the market favourite at 1/4, indicting an 80% chance of winning the contest.
However, following a turbulent month in British politics, William Hill stated that it would not write-off Leadsom’s chances of winning the Party race, stating that the market was in no way a ‘one horse race.’
‘The Brexit win showed that a two horse race could prove tricky to call, and the first significant move since the field was reduced to two runners has been for the outsider’ said Hill’s spokesman Graham Sharpe.
In the second round of voting, May scooped up 199 votes; Leadsom had 84 and Gove was eliminated with 46, two votes fewer than he received in the first round.
The winner of the final two will be announced on 9 September . However, several senior party members have urged for the contest to be announced earlier due to the fallout of Britain’s BREXIT vote and the need to begin EU exit negotiations.