Facing mounting criticism and in-party fighting regarding the 2016 Budget George Osborne presented to the House of Commons last Wednesday, bookmaker William Hill has shortened the odds (from 6/1 to 7/4) on the Chancellor of the Exchequer stepping down by the end of the year.
The controversial Budget plan which saw the Tory government propose cuts on UK disability benefits divided the House of Commons. Unable to gain a majority the Budget was not set in motion, as MPs demanded reforms.
Yesterday, Commons approved a reformed Budget, which saw Osborne drop the planned disability cuts, however, all political commentators have asserted that the Chancellor’s reputation has been severely damaged.
Noting Osborne’s declining popularity, William Hill has opened a market on which Cabinet position Osborne may next take on next, making Foreign Secretary the 5/2 favourite, with Home Secretary 6/1 and Business Secretary 16/1.
“This is the most difficult situation the Chancellor has been in since taking on the job, and there are plenty of political punters betting that it will herald his departure from the role sooner rather than later,” said William Hill PR spokesman Graham Sharpe.
Last week the bookmaker doubled the odds of Osborne succeeding David Cameron as next Tory leader from 2/1 to 4/1, while close rival Boris Johnson had been shortened 7/4 to gain leadership of the party.