William Hill shortens odds on Pat McFadden replacing Rachel Reeves
William Hill has slashed its odds on senior government minister Pat McFadden replacing Rachel Reeves as Chancellor – down from 5/1 to 2/1.
McFadden is currently Chancellor of the Duchy of Lancaster – the most senior minister in the Cabinet Office – and is a close confidante of PM Sir Keir Starmer, playing a major role in Labour’s 2024 General Election victory.
Trailing McFadden are Reeves’ Treasury deputy Darren Jones at 4/1 and pensions minister – the new MP and former Ed Miliband policy supremo – Torsten Bell at 8/1.
Cabinet heavyweights Wes Streeting and Jonathan Reynolds at 8/1, with trade minister Douglas Alexander at 10/1.
A spokesperson for the bookmaker, Lee Phelps, said: “Just as Rachel Reeves prepares to make her latest spending plans announcement, Pat McFadden has shortened in the betting to replace her.
“McFadden has been cut from 5/2 to 2/1 to be the next Chancellor of the Exchequer, making him the firm market favourite and reflecting growing speculation around Reeves’ future in the role.”
Reeves in trouble?
The timing of this odds shortening is awkward for the Treasury, as Reeves prepares to deliver the government’s spending review.
Reeves is set to unveil £113bn in capital investment in a review that she says will “renew” Britain.
The Chancellor has trailed ahead of the event that the government is trying to show spending restraint, saying “there are good things that I’ve had to say no to,” because “it is important to have control of the public finances.”
Tories have slammed the anticipated announcements, with shadow chancellor Mel Stride saying that the Chancellor’s strategy amounts to “spend more, borrow more, and cross her fingers”.
Polling conducted this week by Freshwater Strategies and City PM found that just 22 per cent of Brits have confidence in Reeves’ ability to deliver on her economic agenda, while 71 per cent are not confident.
Meanwhile, the polling indicated that Rachel Reeves is the most unpopular UK figure amongst ten leading politicians presented, with 51 per cent actively holding an unfavourable opinion of her and just 16 per cent favourable.