Budget 2016: Chancellor George Osborne is less likely to become Conservative leader according to bookmakers as Labour takes the lead in poll

James Nickerson
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Labour Leadership Candidate Jeremy Corbyn Attends Rally For Supporters
Corbyn said the Budget was "the culmination of six years of failures" (Source: Getty)

In the wake of a Budget that failed to impress a range of spectators, chancellor George Osborne's support has slumped, with bookmakers widening his odds of becoming the next Prime Minister.

After his much criticised Budget on Wednesday, Osborne has now been inflated from 11/4 to 3/1 by William Hill to succeed David Cameron, with Mayor of London Boris Johnson still in the driving seat.

The bookie also shortened Johnson from 9/4 to 2/1 favourite. "Since the Budget speech there has been a noticeable lack of bets for Osbrone to succeed Cameron and his odds have suffered inflation" said William Hill's spokesman Graham Sharpe.

Meanwhile, Betways' Alan Alger said: "Osborne was available at 16/1 to be next Prime Minister just days after the General Election, and was well backed all the way into as short as 7/4 just weeks ago."

"Following the somewhat controversial budget however, his price has now eased to 11/4 and his Tory colleague Boris Johnson is quickly coming up on the rails.

“Johnson and Osborne are now neck-and-neck to be the next resident of Number 10, with the little matter of the EU referendum on June 23 likely to decide which of the two can start measuring up the curtains.”

Read more: Johnson says chancellor George Osborne "really is running out wriggle room"

On Wednesday Osborne delivered a Budget that was criticised by his own MPs over a number of measures, while the Institute for Fiscal Studies said he's running out of "wriggle room".

Paul Johnson, who runs the influential think tank, said Osborne’s Budget was “largely moving numbers around” rather than “significant policy change”.

Osborne also didn't do himself many favours post-Budget, after a terse interview with BBC's John Hunphries, in which the chancellor was asked why he missed his debt targets.

Humpries said: "Here's a bloke who made three firm, non-negotiable commitments to the nation, these three targets that had to be met. You have failed to achieve two of them. It's looking pretty unlikely according to most people that you will achieve the third. What's a bloke got to do in your job to get the sack?"

Read more: Osborne facing backbench Conservative rebellion over disability cuts

And, of course, he was lambasted by the opposition. "This cruel needless cut represents a new low and needs to be opposed by all MPs," said shadow chancellor John McDonnell.

In fact, post-Budget, Labour finally took the lead in the polls. The party took a one-point lead with YouGov, with 34 per cent of the vote to the Conservatives' 33 per cent.

According to YouGov, more voters thought that the budget was "unfair" than "fair", by a ten-point margin.

It's not the best of news for the Conservatives, given the tough EU referendum that the government is fighting at the moment and the fact it doesn't want to ruffle too many feathers.

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