Osborne quits Commons as May and Corbyn trade blows

In a letter his constituents in Tatton in Cheshire, the former chancellor said he was “very excited” about the prospect of editing the paper.

However, he hinted at a possible future political comeback, saying he was leaving Parliament “for now”.

In his letter, published in the Standard, Mr Osborne said he intended to continue to take an active role in debating the future of the UK.

“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,” he said.

“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.”

His announcement came as Theresa May promised to deliver “a strong economy, strong defence and strong, stable leadership” if Conservatives win the snap election.

Speaking at Prime Minister’s Questions in the Commons shortly before MPs vote on her plans for a June 8 poll, Mrs May denounced her Labour rival Jeremy Corbyn as “not fit to lead”.

But Mr Corbyn told MPs Mrs May could not be trusted, after u-turning on her promise not to call an early election and accused her of running scared of TV debates during the campaign.

Mrs May told MPs: “There are three things a country needs, a strong economy, strong defence and strong, stable leadership.

“That is what our plans for Brexit and our plan for Britain will deliver, and that is what the Conservative Party will be offering at this election.

“We will be out there fighting for every vote, whereas (Mr Corbyn) would bankrupt our economy, weaken our defences and is simply not fit to lead.”

Mr Corbyn retorted: “We welcome the general election but this is a Prime Minister who promised there wouldn’t be one, a Prime Minister who cannot be trusted.

“She says it’s about leadership, yet is refusing to defend her record in television debates and it’s not hard to see why.

“The Prime Minister says we have a stronger economy, yet she can’t explain why people’s wages are lower today than they were 10 years ago or why more households are in debt, six million people earning less than the minimum wage, child poverty is up, pensioner poverty is up.

“Why are so many people getting poorer?”

In a preview of her election strategy, Mrs May said: “I will be taking out to the country in this campaign a proud record of a Conservative government.

“A stronger economy, an economy with the deficit nearly two-thirds down, with 30 million people with a tax cut, four million people taken out of income tax altogether, record levels of employment and £1,250 more a year for pensioners.

“That’s a record we can be proud of.”

But Mr Corbyn shot back: “If she’s so proud of her record, why won’t she debate it?”

He challenged Mrs May about the Government’s failure to eliminate the deficit.

“Austerity has failed,” he said.

The Prime Minister said Labour’s economic policies would mean it is “ordinary working people who pay the price”.

“They pay it with their taxes, they pay it with their jobs, they pay it with their children’s futures.”