Next general election betting and odds: Sunak appointed new Prime Minister

The Conservative Party have been cut to 7-4 to win the most seats at the next general election after Rishi Sunak was confirmed as their new leader on Monday.

Sunak, who replaces Liz Truss following her resignation last week, was elected unopposed after Penny Mordaunt dropped out of the leadership race at the last minute.

The former chancellor, who is likely to be received by King Charles in the next couple of days, is 9-2 to lead the party to a majority victory in the next general election, which is now 1-4 to be held in 2024.

Keir Starmer is 4-11 to be PM after the next general election with his Labour Party 1-2 to win the most seats and 6-5 to gain an overall majority.

Sunak had been a red-hot favourite for the job once Boris Johnson, who had been backed at all rates down from 28-1, declared on Sunday night that he wasn't planning a comeback, less than three months after he himself had resigned from office.

That left Sunak needing to fend off Mordaunt who, according to reports, failed to get anywhere near the backing of the required 100 Conservative MPs to take the contest to the wider party membership.

"There is no doubt we face a profound economic challenge," admitted Sunak. "We now need stability and unity. And I will make it my utmost priority to bring our party and our country together.

A general election next year is quoted at 3-1 and it is 5-4 about no overall majority when the country goes to the polls. A Labour minority government is 10-3 and a Labour coalition with the Liberal Democrats can be backed at 7-1.

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