Early market moves after Theresa May says she will quit if her EU deal is passed

While MPs were attempting to solve the Brexit impasse by giving their view on a variety of potential outcomes on Wednesday night, the early moves were being made in the race to succeed Prime Minister Theresa May.

The PM told Conservative MPs earlier that she will step down if her Brexit withdrawal agreement is passed.

That fired a more official starting gun on a contest to replace her that had already been simmering, and favourite Michael Gove was easy to back at 4-1 on Wednesday night while a number of other possible candidates shortened in the betting.

Boris Johnson, who said he will now support the PM's deal, having called it a "democratic disaster" three days earlier, is 5-1 with Jeremy Hunt 9-1.

Bigger-priced contenders who saw their odds shorten with some firms included Dominic Raab (best price 12-1), Matthew Hancock (33-1, but just 10-1 with William Hill), Geoffrey Cox (33-1), Esther McVey (66-1), plus Liam Fox and Graham Brady (100-1).

David Lidington, considered a frontrunner just a few days ago, is out to 20-1.

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