Bookmaker Paddy Power Sports has cut the odds on Britain maintaining its coveted AAA credit rating following Alistair Darlings pre budget speech today.
Punters have backed the chances of Britain losing its AAA Rating from 3/1 to just 6/4 having been unconvinced that Brown and Darling has the economy firmly on the road to recovery.
With VAT returning to 17.5%, National Insurance increasing and the stamp duty holiday ending all likely to limit a return of confident consumer spending in the UK, Darling clearly has a tough job on his hands and keeping borrowing to a minimal increase may not be enough. Such a downgrade would have huge repercussions to the UK economy in terms of sterling, interest rates and investor confidence.
Darren Haines, spokesman for Paddy Power Sports, said:
Darlings pre Budget speech, arguably Labours most important financial speech since coming to power in 1997, has done little to convince punters that Labour have a handle on Britains debt ridden economy.
In other political betting the Conservatives remain racing certainties for an election victory next year at 1/14 however Darlings speech has done him no favours in the betting to be Labours next leader. The Chancellor is now 28/1 from a previous 22/1 to be Gordon Browns successor. Alan Johnson is the 9/4 favourite.
George Osbourne is just 1/12 to be the Chancellor of the Exchequer after the General Election with Darling 12/1 to keep his job. The much respected Vince Cable makes for an interesting outsider at 10/1.
Paddy Power Sports Politics Latest
6/4 Great Britain to lose its AAA Rating before Jan 31st 2010
General Election Betting
1/14 Conservatives
13/2 Labour
80/1 Lib Dems
Next Chancellor of the Exchequer
1/12 George Osborne
8/1 Philip Hammond
10/1 Vince Cable
12/1 Alistair Darling
20/1 Ed Balls
25/1 Ed Miliband
25/1 David Miliband
40/1 Kenneth Clarke
40/1 Andy Burnham
50/1 Alan Johnson
50/1 Peter Mandelson
Next Labour Leader
9/4 Johnson
4/1 E Miliband
9/2 D Miliband
7/1 Harman
9/1 Mandelson
12/1 Cruddas
12/1 Purnell
16/1 Straw
20/1 Balls
25/1 Denham
25/1 Burnham
28/1 Darling
33/1 Bar
