Tony Blair emerges on 50/1 odds to return as next Labour leader

Former prime minister Tony Blair's odds to return as leader of the Labour party shortened following his rallying call to anti-Brexit campaigners on Thursday.

Blair was put at 50/1 with bookmaker Ladbrokes to succeed Jeremy Corbyn as the Islington MP struggles with a divided party following Britain's decision to leave the European Union last June.

Blair, now aged 63 to Corbyn's 67, said those who had backed Britain to remain in the EU should "rise up in defence of what we believe" in a speech on Friday, a direct contrast with current PM Theresa May's attempts to seek a so-called "hard Brexit".

"People voted without knowledge of the true terms of Brexit. As these terms become clear, it is their right to change their mind. Our mission is to persuade them to do so."

A wave of long odds bets had emerged on Blair to return as Labour leader, Ladbrokes spokesperson Alex Donohue said, cutting his previous odds of 200/1 to head the party again.

"There still appears to be quite a long way to go according to the betting, but today's speech has brought about renewed enthusiasm in Blair leading the Labour party once again," Donohue said.

Blair said in an interview with the New Statesman in November that "having seen what it means, the pain-gain, cost-benefit analysis doesn’t stack up".

Article 50, the clause in the EU which provides for secession from the bloc, will move on to the House of Lords for debate on Monday, where if it passes without resistance should be triggered by May in March, setting up a two-year process for Britain to negotiate its exit.

Earlier this week Brexit Secretary David Davis said Britain is unlikely to trigger the two year Brexit negotiating process at the next European Union summit on 9 March.