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Chris Kelly loses £500k bet after standing down as MP

Tory Chris Kelly is to stand down at the 2015 General Election after becoming MP for Dudley South in 2010

Chris Kelly, MP for Dudley South

A Midland MP has ruined his chances of winning a £500,000 bet - after announcing he is to quit the Commons after just a single term as an MP.

Tory Chris Kelly is to stand down at the 2015 General Election after becoming MP for Dudley South in 2010.

His decision came as a surprise to local Conservatives who heard about the announcement after he posted it to his Facebook page.

And it means he has no chance of cashing in a bet placed back when he was a student, when he wagered £50 he would become Prime Minister before 2038. William Hill accepted the bet at odds of 10,000/1.

Mr Kelly, aged 36, is the third Midland Conservative to desert the party after just one term in office.

Aidan Burley, MP for Cannock Chase in Staffordshire, and Dan Byles, MP for North Warwickshire, have also announced they will not be standing again even though they only became MPs in 2010.

Mr Kelly would have been defending a majority of 3,856 if he had stayed on.

The MP issued a statement but gave no hint about the reasons for his decision.