George Osborne has quit one of his lowest paid jobs - the one in Parliament

Mark Sands
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George Osborne Leaves Downing Street Ahead Of The Budget Vote
Osborne served as chancellor under former Prime Minister David Cameron (Source: Getty)

Former chancellor George Osborne has announced he will stand down as an MP ahead of the June General Election.

Osborne was recently appointed editor of the Evening Standard, and also hold roles at BlackRock, his Northern Powerhouse consultancy and as a public speaker.

It comes just weeks after Osborne defended his decision to edit the newspaper while remaining as an MP for the constituency of Tatton.

The newspaper revealed Osborne's decision, with the Conservative writing to constituents to say that he would continue fighting for issues closest to him.

However, the former chancellor did not rule out a political comeback, stating only that he was leaving Westminster "for now".

“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.

“I’m very excited about the opportunity to edit the Evening Standard. I’ve met the team there, and their energy and commitment to this great newspaper are positively infectious.”

Read More: George Osborne's local Tories back him for Evening Standard editorship

Osborne served as chancellor for six years under former Prime Minister David Cameron before being unceremoniously dismissed by Theresa May following the Brexit referendum.

First entering into parliament in 2001, he had maintained since losing the top role that he wanted to contribute to parliament.

In a debate on 20 March, Osborne told MPs: "In my view, this Parliament is enhanced when we have people of different experience taking part in our robust debates and when people who have held senior ministerial office continue to contribute to the decisions we have to make."

But the former chancellor has faced repeated criticism for his willingness to take up roles outside parliament.

His advisory role at BlackRock sees the MP pocket £650,000 a year, and Osborne has also been able to pocket hefty sums from his role as a speaker.

Read More: Osborne deserves criticism, but his new salary isn't why

Osborne follows his former ally Cameron in departing Westminster. Cameron had also stated that we would remain as a backbencher, but ended up quitting the role just months into the new parliament.