Bookies have slashed the odds on Tony Blair quitting Downing Street before the next general election.

Amid mounting concern at the situation in Iraq, William Hill cut their odds from 14/1 to 8/1.

Odds on him beating Lady Thatcher's record were lengthened from 5/6 to 11/10.

Labour continues to be favourite to win the next poll, but their odds have been increased to their longest since 1997, from 1/3 to 4/11, while the chances of a victory for the Conservatives under Michael Howard have been shortened from 9/4 to 2/1.

Gordon Brown remains favourite to be the next Labour Party leader at 4/5.

"There has been a steady trickle of money for Blair to step down during the past couple of weeks as his ratings in the opinion polls have slumped," said William Hill spokesman Graham Sharpe.