Ladbrokes latest odds put Boris Johnson - widely regarded as the front runner - as the heavy favorite at 8/11. His nearest competitor, former Brexit Secretary Dominic Raab, is at 6/1.

Despite his reputation for courting controversy, Johnson - whose full name is Alexander Boris de Pfeffel Johnson - has long been one of the most popular politicians in the UK.

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The Brexiteer leader is known to have a cozy relationship with President Trump. In his first remarks after May's resignation, Johnson said that though he wants a 'pragmatic' Brexit, the UK must be prepared for 'no deal'. Because the only way to get a good deal, Johnson said, is to be prepared to walk away. Whatever happens, Johnson said he believes the UK will leave the EU on Halloween regardless. He added that the UK 'has to' rule out revoking Article 50, and that a second referendum would be ' a very bad idea'.

The pound slid in reaction to BoJo's remarks during what has been a volatile day for the British currency.