Rumours fly that Queen Elizabeth II is gearing up to step down

Rumours are swirling that Queen Elizabeth II is set to announce her abdication from the throne on Christmas Day. Photo: Getty Images

A leading bookmaker has suspended betting this week on Queen Elizabeth II announcing her abdication on Christmas Day.

Following a flurry of gambles, betting house Coral in the UK have decided to close the market on the 88-year-old monarch confirming that she intends to step down from her position during her annual speech on Christmas Day.

Nicola McGeady of Coral said: "Throughout the year there has been major speculation about the Queen's future but today's gamble has really caught us by surprise.

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"As far as we are concerned there's no smoke without fire when bets like this come through all in succession, so we have decided to be safe rather than sorry and pull the plug on the market."

A Buckingham Palace source however has denied the suggestions, explaining to The Independent newspaper that the message is pre-recorded and the Queen has never used it to make specific announcements.

Although the Queen has scaled down her long-haul travel in recent times, sources close to the monarch have always maintained that she would never abdicate her position.

The insider also cited the words of the Queen when she was coronated on her 21st birthday, she said: "I declare before you all that my whole life whether it be long or short shall be devoted to your service and the service of our great imperial family to which we all belong."

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The last British monarch to abdicate the throne was Edward VIII, who did so in order to marry American divorcee Wallis Simpson.

The contentious decision meant that his younger brother Albert became King George VI in 1936.

A spokesperson for the Queen has pointed out that it is the Palace's policy "not to comment on any bookmakers' work".

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