Tory leadership odds: Which candidate is most likely…

Tory leadership odds: Which candidate is most likely to win the race now Matt Hancock has dropped out? Is Boris Johnson still the favourite?

Matt Hancock has pulled out of the Tory leadership race after Boris Johnson secured an overwhelming victory in yesterday's ballot.

Mr Hancock secured 20 votes in the first round to put him in sixth place in the race, but that was far behind Mr Johnson who topped the poll with 114.

He will now decide which rival to back in the race to replace the outgoing Theresa May as Prime Minister and will hold talks with the remaining candidates, including the runaway favourite Mr Johnson.

The ex-Foreign Secretary received more than double that of Jeremy Hunt in second and will now head into Tuesday's round as the clear frontrunner.

It means the crowded field of candidates vying for the Tory leadership has now been whittled down from 10 to six with Michael Gove, Sajid Javid, Dominic Raab and Rory Stewart the remaining other candidates.

And according to the bookies, Mr Johnson is still the overwhelming favourite to replace Mrs May, and has seen his odds shorten to 2/7 to become the next leader of the Conservative Party.

Mr Johnson has said he is committed to keeping the October 31 Brexit deadline, even if that means leaving without a deal, and said he would refuse to pay the promised £39 billion to the European Union unless better Brexit terms are on offer.

He has pledged to cut income tax for high earners by raising the threshold at which a 40 per cent tax rate kicks in. He has also advocated lower business taxes, and has received backing from MPs such as James Brokenshire, Gavin Williamson and Steve Baker.

Meanwhile, Jeremy Hunt is the second favourite to take Mrs May's job after seeing his odds slashed to 9/1.

Mr Hunt has won the backing of influential Remain supporter Amber Rudd and prominent Brexiteer Penny Mordaunt, and warned that the Tories would be "annihilated" if they fight a general election before delivering Brexit.

Mr Hunt says he wants to make Britain the most pro-business country in Europe by reducing corporation tax and has also set out education reform as his main social policy ambition, promising more funding for the sector in the hope of ending illiteracy.

Mr Stewart has also seen his odds tumble and he is now at 20/1 to replace Mrs May. A Remainer who now accepts the referendum vote, Mr Stewart has ruled out a no-deal Brexit and would establish a citizens' assembly to thrash out a new Brexit compromise.

He has also pledged to protect the Conservatives' "reputation for economic competence", hitting out at the "unfunded spending commitments" made by rivals and advocates a simpler tax code, infrastructure spending to boost regions outside London, and more resources for schools and police.

He has received backing from MPs David Guake, Ken Clarke and Sir Nicolas Soames.

Michael Gove is now listed at 22/1, while Sajid Javid stands at 45/1. Dominic Raab at 79/1 is seen as the least likely to take the job.