Former UK chancellor George Osborne quits Parliament

George Osborne, who as chancellor of the exchequer was behind the drive to boost economic ties with China under David Cameron’s government, said on Wednesday he was standing down as a member of Parliament.

Britain's Chancellor of the Exchequer, George Osborne, speaks at The Times CEO summit in London, Britain June 28, 2016.   [Photo/Agencies]

Osborne was fired by Theresa May when she took over as prime minister last June in the wake of the referendum in which Britons voted in favor of leaving the European Union.

He remained as an MP and was named chairman of the Northern Powerhouse, an initiative he shepherded through that is aimed at attracting investment to England’s northern cities. He said he will continue in that role.

Osbornewas recently appointed editor of London newspaper, the Evening Standard. He wrote in the newspaper on Tuesday: “I am stepping down from Westminster – for now,” which was seen by many as a hint that he may consider a return to political life in the future. He is 45.

Osborne made a number of high-profile trips to China during his period in office, and has been previously described by British media as playing a key role in advancing the Sino-UK relationship, which materialized in some important projects, including China’s investment into the Hinkley Point C nuclear power plant. That deal included an agreement for the British authorities to evaluate and certify Chinese nuclear technology for possible use in future UK projects.

An MP for 16 years, he had been tipped as a possible future prime minister, until the unexpected vote in favor of leaving the EU derailed his career.