A senior Labor frontbencher has bet on live television that Rishi Sunak will call a general election in May.

Shadow Cabinet Office minister Jonathan Ashworth kept his word on Tuesday when he agreed to a £10 bet with Sky News presenter Kay Burley that the election would be held in May .

They shook hands and Ashworth suggested that the money should be donated to a charity for children of alcoholics.

“I think everything the Conservatives have done in terms of advertising and political positioning on social media has shown that May is their first choice,” Ashworth told Times Radio.

“I think it will be May. I think Rishi Sunak needs a date now because there is so much uncertainty. Businesses and companies looking to invest in the UK economy need certainty and that’s why I’m asking Rishi Sunak to provide that certainty and confirming the May elections.“

The Prime Minister said in January that he was considering the scenario of a general election “later in the year”.

However, the Guardian understands that Labor has been preparing plans to get the party ready for a general election before the end of the year, with frontbenchers last week receiving a report from strategists on the likelihood of a May election.

Leaving the election until later in the year, the Conservatives could potentially gain some support if interest rates fall further. However, the argument for a May call is premised on the fact that things will only get worse if the Conservatives wait.

Ipsos polls show the party’s support has fallen to its lowest level in more than four decades, with support for the Conservatives at 20% at the end of February, a drop of 7 percentage points in a month. Labor’s approval rating is 47%.

When London Chancellor and Minister of State for Trade Policy Greg Hands was asked on Times Radio on Tuesday whether he believed an election in May was possible, he replied “no”.

Former chancellor George Osborne said Sunak plans to call a general election on November 14 as the chancellor seeks to maximize time to offset the Conservative Party’s poll deficit.

talking about political currencyOsborne told a podcast co-hosted with former Labor cabinet minister Ed Balls that he had been told Sunak’s team was working towards a mid-November election target.

“My working assumption is that we will have a general election in the second half of the year,” Sunak said in January, a comment that could give him some room to change his mind if circumstances change. However, he has been shy when asked by broadcasters for specific dates.