Owen Smith cancelled a Leadership bid announcement speech today after the Nice terrorist attacks. Suzanne Plunkett / Reuters Owen Smith is now the firm favourite to be the next Labour leader — while rival Angela Eagle is falling by the wayside.

Ladbrokes also thinks that whoever takes over from Corbyn is very likely to do it this year, with even odds that Corbyn will be out by the end of 2016.

Smith, who cancelled the formal launch of his Labour leadership bid today out of respect for the terrorist attacks in Nice on Thursday night, is likely to take over from Corbyn according to the betting markets.

The BBC says Smith's speech today was going to promote his stability in contrast to Corbyn's reign, and that Smith was one of a "new generation of Labour MPs" who could "secure Labour's future."

Perhaps a more pressing concern for Labour members, though, are the voting rules which have consumed the party for the last week.

The National Executive Committee removed a loophole on Thursday that would allow Labour members who joined after January 12 to join the Unite union to vote in the leadership race. Now they must pay a £25 ($33) fee to take part in the vote.

In response, Momentum — the grassroots group which supports Corbyn — suggested that it may provide funds for its own members to vote in the leadership race. Whether that ruling is ultimately good or bad for Corbyn remains to be seen, but unnamed Labour rebels have reportedly become more optimistic over the week that their current leader is beatable.

Here are the current odds from the main bookmakers on who is most likely to be the next Labour leader: