Chuka Umunna is favourite with bookies for next Labour leader
Odds this morning from odd checker
According to the bookies this morning Chuka Umunna, the MP for Streatham and shadow business secretary is the favourite to become the next Labour leader.
He is closely followed by Andy Burnham and Yvette Cooper who have long been tipped as probably contenders after Ed Miliband stood down after a “very disappointing and difficult” election night.
Mr Burnham and Ms Cooper have been central figures in the party for over a decade assuming office in 2001 and 1997 respectively and both holding cabinet positions in the last Labour government.
Mr Umunna, meanwhile, is a relatively new kid on the block elected to Parliament in 2010. however this weekend Lord Mandelson, Tony Blair’s business secretary, appeared to endorse the idea of Mr Umunna as a candidate. He also took the opportunity to write his two cents in the Observer just three days after the loss – appearing under the headline “Where Labour went wrong – and what we must do to put it right”.
The field has been further opened up by the failure of Ed Balls to win his seat on election night possibly clearing the way for his wife, Ms Cooper, the shadow home secretary to make a strong leadership bid.
According to the bookies Tristram Hunt the privately educated former journalist and historian is also in the running. As is Liz Kendall, the first Labour MP to declare as a candidate.
Patrick Worrall tells me what this actually means for my money:
The big thing to remember is that you get your stake back as well if you win.
So £10 on David Miliband at 33 to 1 is £330 plus your tenner back = £340.
Here are a few of the odds in that chart. Stake is always £10.
Chuka at 15/8 is a £28.75 win
Andy Burnham at 11/4 gets you £27.50
Yvette Cooper @ 11/2 equals £65.00
David Miliband @ 33/1 = £340.