Jeremy Corbyn was already the favourite to win next month’s Labour leadership contest, but bookmakers have shortened his odds even more this week.
Most bookies give Corbyn average odds of 1/10 to retain his position as Labour leader, shortened from 1/6 less than a week ago. It means Corbyn looks unbeatable in the bookies’ eyes.
Cobryn’s Labour leadership opponent Owen Smith, on the other hand, has seen his odds lengthen from an average of 7/2 to 5/1, as bookmakers have not been convinced by his recent campaigning.
The diverging odds come as a sample poll by the Huffington Post suggests that 65% of everyone who recently became a Labour member to vote in the leadership election did so to support Corbyn, which comes to about 90,000 people. This is on top of the majority of pre-existing members who also favour Corbyn.
These members have made their presence known at huge rallies, like one in Liverpool on Monday which attracted 5,000 people.
But many fear his re-election will be a disaster for the long-term future of Labour and will leave the UK without a functioning opposition party. In an article for the Guardian, economics professor David Blanchflower said despite giving the Corbyn administration advice, Corbyn still had no plan for the economy and he would not convince voters at another General Election:
“It pains me to say that a Labour party led by Jeremy Corbyn has no chance of winning a general election now, in 2020, or at any other time. Tory voters and independents like the members of my family are not going to suddenly say ‘Jeremy is our guy’.”
For now, though, it looks like Corbyn is set to be Labour’s leader for quite a while longer. Here are the bookmakers’ odds on who will win the party’s next leadership election:
- Ladbrokes: Corbyn 1/8 — Smith 5/1
- William Hill: Corbyn 1/8 — Smith 5/1
- Betfair: Corbyn 1/8 — Smith 5/1
- Paddy Power: Corbyn 1/14 — Smith 13/2
- Sky Bet: Corbyn 1/12 — Smith ;6/1
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.