Pat McFadden is the favourite to replace Reeves if she waves goodbye to the Chancellorship (Image: Getty)
Betting experts have revealed the front runners to replace the embattled Rachel Reeves as Chancellor should she be removed from the role.
The Chancellor is under heightened pressure following the market’s reaction to her controversial October budget as the cost of government debt rises and the value of the pound plummets.
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Yesterday, the Prime Minister was questioned on the future of his Chancellor amidst failing confidence in the UK economy and was initially noncommittal on whether she would still be in the role at the next election.
No 10 subsequently clarified the Prime Minister’s vague response to questioning, insisting that Starmer does expect her to be his Chancellor the next time the country goes to the ballot box.
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The uncertainty around the Prime Minister’s response has seen betting experts offer odds on who would be in line to replace Reeves should the role of Chancellor become available.
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Darren Jones is the Chief Secretary to the Treasury (Image: Getty)
Her natural successor could be Darren Jones who currently serves as her deputy and is seen as a rising star within the Labour party.
Last week, Jones was called to the House of Commons to answer an urgent question as the cost of government debt rose whilst his boss was heading to China in an attempt to secure investment.
According to betting experts Star Sports, Jones is currently the second favourite, with his chances perhaps hindered by his central role in the development of the October budget that has been blamed by some for creating the uncertainty within the market.
The betting experts believe that the favourite for the role is Pat McFadden, the current Chancellor of the Duchy of Lancaster who has been an MP since 2005.
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William Kedjanyi, Political Betting Analyst at Star Sports, said: “Rachel Reeves has found herself in some hot water of late due to market turbulence and the pound falling to a near 15-month low, and speculation on whether her job as Chancellor of the Exchequer is safe has begun, with Pat McFadden rumoured to be in line to replace her.
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“McFadden is the strong market leader at 2/1 to take on Reeves’ responsibilities as Chancellor should she be removed from her position, with Chief Secretary to the Treasury Darren Jones second in the running at 4/1.
“Jonathan Reynolds, the current Secretary of State for Business and Trade, rounds off the top three in the betting at 6/1.”
Others in the frame include the Health Secretary Wes Streeting and Ellie Reeves, a minister without portfolio within the Cabinet Office.
The Business Secretary is the third favourite for the role (Image: Getty)