UK

Former chancellor George Osborne will not run for re-election

Former chancellor of the exchequer George Osborne is to stand down as an MP
Former chancellor of the exchequer George Osborne is to stand down as an MP Former chancellor of the exchequer George Osborne is to stand down as an MP

George Osborne has said he will carry on fighting for an "open, tolerant" Britain as he announced he is to step down as an MP to focus on his new role as editor of the London Evening Standard.

The former chancellor made clear he intended to continue to play an active role in public life and hinted at a future political comeback saying he was leaving parliament "for now".

His comments will be seen as a warning to Theresa May - who unceremoniously sacked him when she became prime minister - that he is prepared to be a thorn in her side.

"Our country has got some big decisions to make now about the kind of Britain we want to be. Those values of openness, tolerance, diversity, enterprise - they are values I hold dear," he told BBC News.

"They are ones I fought for in government as chancellor, fought for in parliament as the MP for Tatton, and now I am going to fight for them in the editor's chair at the Evening Standard."

Mr Osborne has previously criticised Mrs May's plans for Brexit for concentrating too much on controlling immigration at the expense of economic prosperity.

Announcing his decision not to stand in the forthcoming general election in a letter to constituents in his Cheshire seat, Mr Osborne said he was looking forward to the new challenges he was facing.

"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," he said.

"It's still too early to be writing my memoirs. At the age of 45, I don't want to spend the rest of my life just being an ex-chancellor."

Mr Osborne had faced intense criticism for taking on the demanding role of editing a London newspaper while remaining MP for a northern constituency.

Since he was removed from office by Mrs May last year, Mr Osborne has declared almost £1 million in speaking fees in the Register of Members' Interests.

In addition he is set to earn £650,000-a-year working one-day-a-week as an adviser to the US investment giant Blackrock while receiving £120,000 as a fellow at the McCain Institute in Washington DC.

His salary at the Standard has not been disclosed.

His departure from parliament comes after Mrs May made clear there would be no early return to frontline politics for Mr Osborne following his prominent role in the unsuccessful Remain campaign in which he was accused of exaggerating the dangers to the economy of Brexit.