Angela Rayner's odds of becoming the next Labour leader plunge amid police ... trends now

Angela Rayner's odds of becoming the next Labour leader have taken a dramatic plunge – as police launched an investigation into whether she broke electoral law over the sale of her council house.

This comes after the deputy Labour leader said she will 'of course do the right thing and step down' if she is found to have committed a crime.

Ms Rayner was once 3/1 favourite to succeed Sir Keir Starmer but her odds have dramatically dropped to 29/1. She is now placed behind six of her Shadow Cabinet colleagues.

The Labour leader today said he welcomed the probe by Greater Manchester Police into how his deputy dealt with the sale of her council house in 2015, following claims made by Tory Party deputy chairman James Daly.

But Betfair punters appeared far from confident in her position in the party.

Andy Burnham is now viewed as Starmer's most-likely successor, with the Mayor of Greater Manchester having 7/1 odds of becoming the next leader of the Labour Party.

Shadow Chancellor Rachel Reeves is second-most favoured by the bookies to be the next leader, with 9/1 odds.

And Shadow Home Secretary Yvette Cooper, Shadow Health Secretary Wes Streeting and Shadow International Development Secretary Lisa Nancy are all placed ahead of Ms Rayner.

Betfair spokesperson Sam Rosbottom said: 'Angela Rayner's rise to the very top of Labour party politics captured Betfair punters' attention, with odds as short as 3/1 at one time.

'But with her troubles mounting, her odds of 29/1 now put her way behind the pack of runners and riders to succeed Keir Starmer.

'If this is what British punters think of her chances, Labour HQ may be wondering whether she might hinder the party's expected strong performance in the upcoming General Election.'

Ms Rayner said she was confident she had 'followed the rules at all times' after Conservative Party deputy chairman James Daly suggested she may have given false information about her main residence. 

She faces pressure over claims she may have owed capital gains tax on property made from the sale of her home on Vicarage Road in Stockport in March 2015 - and that she may have broken electoral law by registering at the wrong address.

She says that the house was her main residence when she sold it for £127,500, which would exempt her from paying around £1,500 in tax on the £48,500 she made after buying the building for £79,000 in January 2007. 

But after finding no evidence of wrongdoing in their initial probe, Greater Manchester Police this morning reversed its decision not to look into where the Ashton-under-Lyne MP was registered to vote, after an appeal by the Tories to take another look.

In a statement on Friday, Ms Rayner said: 'I've repeatedly said I would welcome the chance to sit down with the appropriate authorities, including the police and HMRC, to set out the facts and draw a line under this matter. 

'I am completely confident I've followed the rules at all times.

'I have always said that integrity and accountability are important in politics. That's why it's important that this is urgently looked at, independently and without political interference.

'I make no apologies for having held Conservative ministers to account in the past. Indeed, the public would rightly expect me to do so as a Deputy Leader of the Opposition.

'We have seen the Tory Party use this playbook before - reporting political opponents to the police during election campaigns to

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