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Speculation grows over who will replace Ed Balls and Beverley Hughes

Betting on who will be the next Chancellor was suspended at 9am yesterday after bookies' favourite Children's Secretary Ed Balls was backed heavily over the weekend.

As Chancellor Alistair Darling continues to come under fire for his part in the row over expenses, media speculation is growing as to who might succeed him in his role following the Cabinet reshuffle.

Children's Secretary Ed Balls has been tipped as a hot favourite, with The Times backing Balls as the obvious candidate stating he is the "most economically literate member of the cabinet". While the Daily Mail is against Balls stepping in as Chancellor stating he is "tainted with the mistakes of the past".

A spokesman for William Hill said: "We understand there is going to be a reshuffle on Friday and we know who it (the next Chancellor) is going to be."

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