Next Labour Party leader odds: Burnham tipped to replace Starmer

Burnham has also confirmed that he will nominate himself as part of the process, thanking Starmer for his service before saying Labour’s transition must be “orderly and responsible”.

The former Greater Manchester Mayor added that the country expects “stability, seriousness and a continued focus on the issues that matter most”, with economic growth, the cost of living, public services, housing and opportunities for the next generation among the priorities he highlighted.

Alex Apati of Ladbrokes commented:

Andy Burnham has been a firm frontrunner to fill Keir Starmer's boots for some time now. With the former mayor of Manchester as good as confirmed as the PM's replacement, all eyes will now turn to what that means for Labour's cabinet line-up.

As noted, Burnham is now the heavy favourite to become the next permanent leader of the Labour Party, with Ladbrokes making him just 1/100 to take over from Starmer.

That makes him miles clear of the rest of the field, with Wes Streeting and Yvette Cooper now priced at 50/1 and 66/1 respectively, with Al Carns his closest competition at 40/1.

Angela Rayner, Ed Miliband and David Lammy are all amongst the names priced at 100/1, showing just how dominant Burnham’s position in the betting has become.

Burnham’s statement made clear that he intends to present himself as the stability candidate, with the Labour figure saying the party must work together to “get the country back to where we all want it to be”.

He also said the Labour movement is at its strongest when it “looks forward with confidence and purpose”, with his leadership bid now expected to focus heavily on renewal, unity and delivery.

Ladbrokes also has several next UK General Election betting markets open for customers, with politics markets continuing to attract attention following Starmer’s decision to step down.

View the latest politics odds.

All odds and markets are correct as of the date of publication.