Hilary Benn - cut to 2/1

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Hilary Benn has regained favouritism for the race to become the next deputy leader of the Labour Party.

Bookmakers William Hill have cut his odds from 5/2 to 2/1, making him joint favourite with Alan Johnson, who is also a 2/1 chance.

"After drifting out in the betting immediately prior to the announcement of the six contenders for the contest, Hilary Benn is back in favour with political punters and after a string of three figure bets we have cut his odds to make him joint favourite with Alan Johnson," said Hill's spokesman Graham Sharpe.

Hazel Blears is the 3/1 third favourite while Jon Cruddas is available at 7/1, Harriet Harman 8/1 and Peter Hain the 16/1 outsider.

The same firm are also quoting odds for each of these six to succeed Gordon Brown as Leader of the Party, and offer 6/1 Benn; 10/1 Johnson; 25/1 Hain; 33/1 Blears, Cruddas, Harman.

Meanwhile Hills are still counting their losses having payed out to all those customers who, over the past 10 years, backed Gordon Brown to succeed Tony Blair.

"It will cost us a significant six figure sum", said Hill's spokesman Rupert Adams.

"The decision has not been taken lightly but effectively it would only be delaying the inevitable to wait while the process of appointing Tony Blair's successor takes place. All of the remotely credible rivals to Gordon Brown have already ruled themselves out and it would be churlish to sit on the money for six or seven weeks as some patient punters have now been waiting over a decade to be paid out".

Hills, who made Gordon Brown 5/1 favourite to succeed Tony Blair on the day Labour won the 1997 General Election were quoting him at 1/200 by the time Tony Blair made his departure announcement in May.