Chancellor of the Exchequer George Osborne was installed as favorite to be the next U.K. prime minister following his budget speech Wednesday, according to bookmakers Ladbrokes Plc.
Ladbrokes reduced the chancellor’s odds of succeeding David Cameron when he steps down before the 2020 election to 11/4, ahead of London Mayor Boris Johnson at 3/1 and Home Secretary Theresa May at 10/1. Johnson was previously favorite.
Osborne’s budget, which included a cut in corporation tax to 18 percent by 2020 and the introduction of a national living wage of 9 pounds ($14) an hour by the same year, was met with cheers from Tory lawmakers in the House of Commons.
“We’ve seen a lot more money being bet on Osborne in the last few days,” Matthew Shaddick, head of political odds at Labrokes said. “Not many people have been backing Johnson recently and the general sentiment is that Osborne’s star is rising. This budget will help.”