A morning of Whitehall chaos, following the resignation of Dominic Raab as Brexit Secretary, sees all bookmakers revise their UK political markets.
Raab becomes the second chief Brexit negotiator to resign this year, disagreeing with PM Theresa May on the UK’s draft withdrawal terms from the European Union which were presented to the Cabinet on Wednesday.
Resigning from May’s office, Raab states that the PM’s arrangements ‘present a very real threat to the integrity of the United Kingdom’.
“Above all, I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election. This is, at its heart, a matter of public trust”.
Furthermore, speculation now mounts that a so-called ‘Tory Brexit Pizza Club‘ will move to oppose all of May’s proposals seeking to dispose of her leadership by the end of the year.
An embattled party now oversees its stark options with regards to Brexit – a Snap Election or Referendum Part 2.
Updating markets, Betfair Politics, informs that PM May is now priced at 3/1 to resign this year, having yesterday held 24/1 odds to go in 2018.
For now, the betting exchange has placed UK Home Secretary Sajid Javid as the 6/1 favourite to succeed May as party leader.
Katie Baylis, Betfair Spokesperson, said: “The resignation of Brexit Secretary Dominic Raab this morning has sent shockwaves through parliament and is the second resignation and probably not the last after the announcement of the draft agreement yesterday.
Those hoping for a ‘People’s Vote’ on the final Brexit Deal may be buoyed to see a move on a Referendum in 2020 from 7/2 to 15/8, but these odds could shorten even more across the day as we see more reaction and opposition to the deal.”
Meanwhile, Paddy Power Politics has priced a new Conservative Party Leadership election to be run 2018 at 10/11 from 2/1.
The Irish bookmaker sees Theresa May’s ‘Withdrawal Agreement’ not being to get through the approved by the House of Commons at 11/10 (yesterday – 13/10)
Spokesman Paddy Power said: “Theresa May’s Brexit deal has created a Smash n Raab amongst MP’s, and now her future looks even more in the balance than ever.