FTSE 100: 7487.87 ▲ 56.96 (0.77%)
Former chancellor George Osborne will not stand for re-election at the general election in June.
The Conservative MP for Tatton confirmed he would not stand at the election in a letter to constituents today.
The ex-chancellor said he would leave the House of Commons 'for now' but would continue to be involved in politics.
'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,' he said.
'I want a Britain that is free, open, diverse and works with other nations to defend our democratic values in the world.'
He added that it was 'too early to be writing my memoirs' after leaving his role as chancellor last June following the EU referendum.
'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,' he said.
As well as accepting the position of Evening Standard editor, Osborne has also joined asset manager BlackRock since leaving his position as chancellor.