George Osborne
End of an era: George Obsorne announced his resignation as MP.

Former Chancellor George Osborne has announced his intention to step down from his seat in Parliament, instead prioritising his new role as editor of the Evening Standard.

As reported by the aforementioned publication, Mr Osborne wrote:

“I am stepping down from the House of Commons – for now. But I will remain active in the debate about our country’s future and on the issues I care about, like the success of the Northern Powerhouse.

“I want a Britain that is free, open, diverse and works with other nations to defend our democratic values in the world.

“I will go on fighting for that Britain I love from the editor’s chair of a great newspaper. It’s still too early to be writing my memoirs.”

He added that: “At the age of 45, I don’t want to spend the rest of my life just being an ex-Chancellor. I want new challenges.”

The former chancellor has come under fire in recent months for the multiple jobs he has acquired alongside his work as a member of parliament, for which he is paid £74,962 annually. His various roles and sources of income have included:

  • Editor, London Evening Standard: estimated at £200,000
  • Adviser, BlackRock Investment Institute: £650,000 annually
  • Chair, Northern Powerhouse Partnership: Unpaid position
  • Kissinger Fellow at the McCain Institute: £120,212
  • Washington Speaker’s Bureau: Paid nearly £800,000 for speeches thus far

George Osborne was a major player in the David Cameron government, and had previously been suggested as a potential successor prior to the unraveling of the leadership in the wake of Brexit, and his eventual removal by Prime Minister Theresa May.

Osborne is set to resign as of 5PM (GMT) today, after more than a decade spent as an MP and as a key figure in the conservative party.

Read more about Prime Minister May’s decision to call a snap June election here.