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Liz Truss: Betting odds rise on PM losing her job before year end

British Prime Minister Liz Truss walks outside a hotel as Britain's Conservative Party's annual conference continues, in Birmingham, Britain, October 4, 2022. REUTERS/Hannah McKay
Liz Truss risks the shortest reign of any Conservative prime minister in the past 50 years. Photo: Hannah McKay/Reuters

Prime minister Liz Truss risks being forced out of Downing Street before the end of the year, according to the odds from several bookies.

UK bookmaker William Hill says that the odds are that Truss will have a shorter premiership than Theresa May, who served 1,106 days.

The bookmaker has slashed her odds of departing by the year-end to 7/2 from 40/1 back in September.

Truss’ exit date to be 2022 is the most backed politics market on oddschecker in the past seven days, accounting for 25% (4/1) of total politics bets.

Keir Starmer, Rishi Sunak, Boris Johnson and Michael Gove all have good odds of replacing her at Downing Street, figures from the betting aggregator show.

Read more: FTSE slips as traders await Liz Truss Conservative party conference speech

If Truss does not make it to the end of the year, she will take the title of shortest reign of any Conservative prime minister in the past 50 years from Theresa May.

The former home secretary lasted a little over three years at Number 10.

Odds show that Truss actually risks having the shortest tenure in British political history, as she might fail to reach the 119 days of George Canning’s premiership.

The 47-year-old would have to serve until Wednesday 4 January 2023, to beat the 19th century prime minister’s short stint in office.

Ladbrokes’ odds give Truss an 11/2 chance that she will leave office before the end of the year. However, the odds of her being replaced as prime minister by 2025 or later currently stands at 4/1.

The bookie also has the odds stacked against Truss avoiding a no confidence vote before the next general election, at 4/6 betting yes.

Read more: Kwarteng's reversal of 45p tax cut: Richest 5% households still stand to gain most

After only 28 days, the prime minister was forced into a U-turn and many MPs are now openly criticising her.

Truss told Sky News she had "absolutely no shame" in performing a drastic U-turn on the government's plan to scrap the 45p higher rate of tax.

Truss is facing a fresh battle with Conservative MPs over a potential benefits squeeze and cuts to public spending.

Nadine Dorries, the former cabinet minister and a leading Boris Johnson ally, has called on Truss to hold a general election to obtain a mandate for her policies.

Watch: Truss speech: Can she reassure her own party?