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Race is on for labour

David Miliband has emerged as early favourite to take over from Gordon Brown as the next Labour leader, according to bookmakers.

The British Foreign Secretary is the front-runner in the Labour leadership contest with the bookmakers Paddy Power, William Hill and Ladbrokes.

Paddy Power are offering odds of 4/6 on Mr Miliband.

Also in the running are Schools Secretary Ed Balls, a close ally of Mr Brown, and Home Secretary Alan Johnson.