Ladbrokes to pay out at 3-1 over Anas Sarwar's "Jeffrey" Osborne jibe

Following Barack Obama's persistent confusion about George Osborne's name at the G8 summit, Ladbrokes has paid out at 3-1 after the chancellor was referred to as "Jeffrey" by Labour MP Anas Sarwar during oral questions today.

Ladbrokes said that the payout totals over £10,000, setting a record for novelty political bets. The sum exceeds that paid out for when Ken Clarke fell asleep during the 2011 budget and when Eric Pickles was photographed eating a salad at the 2012 Conservative party conference.

The joke, via Guido Fawkes:

Here are the odds offered by Ladbrokes after the incident:

George Osborne to change his name to Jeffrey by deed poll 50,000/1
George Osborne to release a cover of any Jeffrey Osborne song this year 1000/1
To be referred to as 'Jeffrey' in the House of Commons this year 3/1

They've now been updated:

George Osborne to change his name to Jeffrey by deed poll 10,000/1
George Osborne to release a cover of any Jeffrey Osborne song this year 100/1