Ben Wallace: Wyre and Preston North MP among bookies favourite to replace Liz Truss as Prime Minister

The current defence secretary was tipped over the weekend as a potential next PM as discontent at Liz Truss ailing premiership grew. Now as the country prepare for its third Prime Minister of 2022, Mr Wallace is again being seen as a forerunner. Bookmakers Betfair have installed the Lancashire MP as 8/1 as be the next occupant of No10 Downing Street.

Betfair spokesman Sam Rosbottom said: “After Liz Truss resigned from No.10 to become the shortest serving Prime Minister, her former leadership election rival Rishi Sunak is the 11/10 favourite to take the top job. Penny Mordaunt, who also stood to replace Boris Johnson, is next in the market at 7/2 and Ben Wallace is next at 8/1, while recently-appointed Chancellor Jeremy Hunt is 9/1. A sensational return for Johnson, who was replaced by Truss, is 13/1 and far from out of the question according to the odds.”

Ms Truss resigned as Tory leader on Thursday after a chaotic 44 days in office, with a new prime minister expected to be in place by the end of next week. She signalled the end of the shortest term by any prime minister following a botched financial statement, the loss of two of her most senior Cabinet ministers and an open revolt by Tory MPs. Mr Wallace is a popular figure within the party but has previously insisted he wants to remain in his current job but has also refused to rule out a bid for the top job.

The Sunday Mirror reported that a group of Tory MPs were plotting a “coronation" of Mr Wallace as Prime Minister with former chancellor Rishi Sunak back at the Treasury in a bid to calm the financial markets. One told the paper: “Most of us now favour a coronation for Ben. He’s the best we’ve got.” They also believe Mr Wallace, 52, is the party’s best hope of recovering lost ground in the polls as Labour surges to an unprecedented lead. The Mirror also reports that Mr Wallace last month said he would consider running for the leadership. “I don’t rule it out,” he said at the party’s annual conference.