Portillo favourite to replace Hague

Michael Portillo and Ann Widdecombe are among the favourites to take over the leadership of the Conservative party following William Hague's resignation this morning.

Hague's decision came in the wake of the Tories' second successive walloping at the polls as Labour swept to another landslide general election win in the UK.

Portillo is the 6/4 favourite, with Ian Duncan-Smith the 2/1 second favourite, Widdecombe comes next at 4/1, with Kenneth Clarke fourth at 7/1.

Hague dramatically announced he was to quit as Tory leader after his party's heavy election defeat.

In a keenly-awaited statement outside Conservative Central Office, Mr Hague said he would step down as leader of the party when a successor is elected.

"No man is more important than the party," he said.