BOOKIES have slashed the odds for Leigh MP Andy Burnham to become the next Labour leader after Chuka Umunna dramatically withdrew his name from the race.

Betfred has made Mr Burnham 6/4 favourite to win the contest, which will be revealed in September following Mr Umunna's announcement on Friday morning.

The shadow business secretary, who was 7/4 favourite, has withdrawn from the contest to succeed Ed Miliband just days after declaring he would be a candidate.

Second favourite to succeed is Yvette Cooper at 11/4, followed by Liz Kendall at 5/1 and Tristram Hunt at 8/1. Tony Blair is 33/1.

A political analyst for the bookmakers said: "Initially it was between Chuka, Burnham and Cooper, but now he's pulled out it's all about Andy Burnham who has shot up from second to outright favourite."

Since the general election, about £10,000 has been spent on bets relating to who will be the next Labour leader.

The spokesman added: "A lot of people might just bet £2 for a laugh, but we have had two £500 bets on him in the last few days ago.

"In total there have been about 2,000 people betting a total of £10,000 across the country – although many of those bets have been taken in Leigh."