Kwasi Kwarteng and Kemi Badenoch already joint-favourites to replace Liz Truss as Tory leader

Truss beat rival Rishi Sunak to win the Tory leadership contest and will now replace Boris Johnson as prime minister

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Bookies have already opened betting on who will replace Liz Truss as the next leader of the Conservative Party.

The former foreign secretary defeated rival Rishi Sunak by 81,326 votes to 60,399 to win the Tory leadership, and will replace Boris Johnson as prime minister on Tuesday.

However, Ladbrokes said that Kwasi Kwarteng and Kemi Badenoch, the latter of whom ran for the leadership before being eliminated after the fourth ballot, were already leading favourites to replace Ms Truss, at 8/1.