Election fallout: Markets for new Labour and Lib Dem leaders up and running

The Conservatives' thumping general election victory on Thursday has provoked betting activity on a whole host of political markets.

Prime Minister Boris Johnson led the Tories to an 80-strong majority in the House of Commons, but Labour and the Liberal Democrats were left in disarray and their respective leaderships are up for grabs. A Conservative majority of 71 to 80 seats had been a 25-1 shot with Coral.

Labour leader Jeremy Corbyn was able to claim only 203 seats, the party's worst performance since 1935. He has vowed to stay on for the time being but confirmed at his count in Islington that he would not lead the party into another general election.

With blame being split between the Brexit issue and Corbyn's role in the defeat, prominent party figures were calling for him to go as soon as the 10pm exit poll predicted a heavy defeat. He is 2-1 with Sky Bet to have left his post before the end of the year.

Shadow secretary for Exiting the EU Sir Keir Starmer has been installed as 9-4 favourite to take over, while the other frontrunners are all women.

Shadow business secretary Rebecca Long-Bailey is 9-2 while shadow education secretary Angela Rayner is 8-1 alongside prominent backbencher Jess Phillips. Yvette Cooper, Lisa Nandy and Emily Thornberry are all 16-1. Rising star Laura Pidcock, tipped as a potential successort to Corbyn in recent months, lost her seat.

The Lib Dems' situation is more pressing after Jo Swinson narrowly lost her Dunbartonshire East seat to the SNP.

The party will be temporary co-led by Sir Ed Davey and Baroness Sal Brinton after returning just 11 MPs, two fewer than they won two years ago. Their number had risen to 21 before parliament was dissolved thanks to defections from the Conservatives, Labour and Change UK.

Davey is 6-4 favourite to get the post with Layla Moran close behind at 2-1.

The SNP enjoyed an excellent night, gaining 13 seats to take their tally to 48 of the 59 available in Scotland.

Following their performance, talk of another independence referendum intensified and Betfred go 2-1 that such a vote will take place before the end of 2020.

Turnout across the 650 consistencies was 67.3 per cent.

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