Who will be the next Prime Minister?

With Liz Truss teetering on the brink, the betting is hotting up on her successor as Prime Minister. Four main contenders have emerged as potential replacements as the market looks for someone who might be able to step in at short notice.

It is looking increasingly likely that Conservative MPs will try to find someone who can be installed as leader and PM without the need for a leadership election. That will require a candidate who has enough across-party support to dissuade anyone from standing against them, which would trigger a members' vote and the unwanted delay that would involve.

Rishi Sunak

✅ Was the most popular choice amongst Tory MPs in the recent leadership election.
✅ Former chancellor whose critique of Truss's economic plans proved prescient.
✅ Would likely reassure financial markets as the face of economic competence and stability.

❌ May be seen as too factional to command the support of the critical mass of MPs needed.

Jeremy Hunt

✅ Delivered the mini-budget U-turn in an initially successful attempt to calm the markets.
✅ Highly experienced cabinet minister at Culture, Health & Foreign Office.
✅ Seen as a safe pare of hands with across-party appeal

❌ Finished last in the most recent leadership election.

Ben Wallace

✅ Defence Secretary for three years, overseeing UK support for Ukraine war effort.
✅ Has often topped surveys of Tory members as most popular cabinet minister
✅ No obvious factional opponents, could be the ideal stopgap candidate before a general election.

❌ Chose not to run in the last leadership election despite being betting favourite. No explanation given.

Penny Mordaunt

✅ Gathered an impressive amount of MP's support in leadership election before finishing third.
✅ Policy platform would be fairly middle-of-the-road conservatism.
✅ Might be preferable to Truss backers over Sunak.

❌ Underwhelming debate and hustings performances might leave some unconvinced she could lead the party at an election.