Now that Sir Keir Starmer has resigned as Prime Minister the race is on to find his successor.
Former Mayor of Manchester Andy Burnham is favourite to be the next inhabitant of 10 Downing Street, particularly since his closest rivals, Wes Streeting, Darren Jones and Angela Rayner, have indicated they will not stand in a leadership election.
That leaves Alistair Carns as the only credible candidate who has not yet ruled himself out.
It means that Burnham is expected to be the only candidate for the job and could take over as PM as early as the middle of July.
Whoever gets the job, there will be a pretty major cabinet reshuffle and it seems certain that Rachel Reeves, who has served as Chancellor of the Exchequer since Labour’s landslide election victory in 2024, will be handing over the keys to 11 Downing Street.
Here are the 12 leading candidates to succeed her currently - according to the bookies.
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9. Darren Jones - 25/1
Darren Jones has one of the longest titles in politics - being Chancellor of the Duchy of Lancaster, Chief Secretary to the Prime Minister and Minister for Intergovernmental Relations. Itw as rumoured he might be interested in standing against Andy Burnham in the potential upcoming leadership election, but has since said he will not. He is a 25/1 bet to be the next Chancellor. | Getty Images
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10. Alistair Carns - 25/1
Aberdeen-born politician Alistair Carns has only been an MP since 2024, having previously been an officer in the Royal Marines. The former parliamentary under-secretary for the armed forces is priced at 25/1 for the job of Chancellor, although he has not yet discounted standing for Labour leader and Prime Minister. | Getty Images
11. Angela Rayner - 33/1
Angela Rayner, the former Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government, lost her place in cabinet after she breached the ministerial code by underpaying stamp duty on a property in Hove. She was seen as a possible successor to Keir Starmer but doesn't seem like she fancies standing for the leadership. Becoming Chancellor would be nearly as remarkable a political comeback - but the bookies reckon it's increasingly unlikely, with her odds widening from 16/1 to 33/1 in the last week. | Getty Images
12. John Healey - 25/1
A real Labour stalwart, John Healey has been an MP since 1997 and held various junior ministerial positions under Tony Blair and Gorden Brown. He recently stepped down as Secretary of State for Defence due to budget disagreements and has odds of 25/1 on becoming the new Chancellor. | POOL/AFP via Getty Images