Peter Mandelson now 8/1 to be next Labour leader.

From William Hill:

YOU BET MANDY COULD SUCCEED GORDON BROWN

LORD MANDLESON has been backed from 100/1 to 8/1 fourth favourite with William Hill to become the next leader of the Labour Party. 'When Peter Mandelson was restored to the cabinet by Gordon Brown we offered 100/1 about him becoming the next leader of the Party, but since then he has been consistently backed and his odds have shortened regularly - and following his speech to the Labour Party Conference we expect to take even more for him to succeed Gordon Brown' said Hill's spokesman Graham Sharpe.

Hills currently make Alan Johnson 6/4 favourite to succceed Gordon Brown, with Harriet Harman and David Miliband 7/1 joint second favourites. Ed Miliband is 10/1, with Jon Cruddas and James Purnell both 12/1.

Gordon Brown is 4/7 with Hills to lead Labour into the next General Election and 5/4 not to. Labour are 14/1 to win the next Election with an overall majority while the Tories are 1/3 favourites and it is 5/2 a Hung Parliament.

No doubt Gordon Brown will not be as happy as some about Mandelson's popular speech.