The reward for Cabinet ministers backing one of the two candidates is much hoped for preferment. What they would prefer most of all is to become Chancellor. The bookies’ three leading contenders are Liz Truss, Sajid Javid and Matt Hancock.

Sajid Javid is the bookies’ favourite at 5/6, Boris has noticeably referenced the Saj a few times at hustings, perhaps more than any other. Saj clearly wants the job. He has Treasury and financial markets experience so his qualifications are clear. He also is a tax cutter and the expectations are that Boris will return to the traditional Tory vote winning strategy of cutting taxes. Guido has to agree with the punters that Saj looks likely except…

Liz Truss (4/1) really wants to be the first woman Chancellor.* In line for a promotion as the first Cabinet minister to come out for Boris, and a tireless defender of him in the media. After listening to her job application / speech at a recent Taxpayers’ Alliance event, Guido really wants her to be Chancellor too. She is the darling of Westminster wonks and free market think tanks. Boris could appoint her, she would definitely make headlines. When Guido teased her recently by addressing her as “Madam Chancellor” she seemed to have difficulty suppressing a frisson. Expectations are that she will actually get BEIS. #Liz4Biz

Matt Hancock (11/2) did work in the Treasury for Osborne, understands it, would be popular choice with Treasury mandarins – which is possibly a good reason not to give it to him. Given he is doing a good job at Health he should perhaps spend some more time doing that. His ambition is unlimited and unhidden. Since the NHS is on target to be the biggest spending department, there is an argument that if power is his thing he should stay where he is…

And if Hunt wins? Guido hasn’t really given that much thought…

*Maggie wanted the job too, she had to settle for PM.