Who will replace Rishi Sunak as Conservative Party leader? The favourites and odds to take over

Rishi Sunak has announced he is standing down as Conservative leader after the party's disastrous night at the polls. The Tories suffered their worst-ever general election result, winning just 121 seats with two more results left to declare.

A number of high-profile Conservatives lost their seat overnight including former prime minister Liz Truss, Grant Shapps, Penny Mordaunt, Michelle Donelan and Gillian Keegan.

After Labour were confirmed as winners, Mr Sunak spoke to the nation outside Number 10 Downing Street for the final time - confirming he would be standing down as party leader.

READ MORE: General election 2024 results and latest news and updates

He said he would remain quit once arrangements are in place to choose his successor, potentially triggering another round of Conservative infighting as MPs scramble to replace him.

Mr Sunak said: "I will shortly be seeing His Majesty the King to offer my resignation as Prime Minister. To the country, I would like to say first and foremost, I am sorry.

“I have given this job my all, but you have sent a clear signal that the Government of the United Kingdom must change. And yours is the only judgment that matters. I have heard your anger, your disappointment, and I take responsibility for this loss.”

As Mr Sunak confirmed his departure the focus is now on who could replace him, and become leader of the opposition in the House of Commons.

Here are the key contenders to watch and their current odds.

James Cleverly, who served as home secretary, has yet to declare his intentions and told Sky News in the aftermath of his re-election as an MP: “What might happen in the future I’ll leave that for the near future.”

Mr Cleverly is a centrist who previously served as foreign