Former chancellor George Osborne appointed editor of London Evening Standard

He told BBC 5 Live that he rarely saw the former Chancellor in the Commons, noting: “He's not there very much as it is. He is the invisible man.”

The paper's owner Evgeny Lebedev announced the appointment on Twitter and it was confirmed Mr Osborne would take up his new role in early May and edit the Standard "an average of four days a week".

However, the MP for Tatton in Cheshire has just been appointed an advisor to Blackrock, the world's largest asset manager, on a reported salary of £650,000 to work one day a week. His after dinner speeches have, according to the Register of Members' Interests, already pocketed him an expected £700,000 on top of his £75,000 salary as an MP.

Mr Lebedev tweeted: "Thrilled to announce the new editor of the Evening Standard is George Osborne. I am proud to have an editor of such substance, who reinforces the Standard's standing and influence in London and whose political viewpoint - socially liberal and economically pragmatic - closely matches that of many of our readers. George is London through and through and I am confident he is the right person to build on the fantastic legacy of Sarah Sands."

Mr Osborne, who was sacked as Chancellor by incoming Prime Minister Theresa May last year, replaces Ms Sands, the current editor, who is leaving the Standard after five years to join the BBC. The newspaper said: "The Standard's schedule will enable Mr Osborne to edit the paper and continue to fulfil his other commitments, including as an MP; giving him the time to vote and contribute in Parliament in the afternoon after the paper has gone to print, and be in his constituency."

Mr Osborne, 45, tried to become a journalist before his political career began. He was shortlisted for but failed to gain a place on The Times trainee scheme. He then applied to The Economist, where he was interviewed but rejected. He later became a freelance, working on the Peterborough diary column of The Daily Telegraph.

The backbencher described his new role as an "exciting and challenging job", saying he was "thrilled to take it on".

He said: "Growing up as a Londoner, I've always known that the Evening Standard is an institution that plays a huge part in the life of the city and its people. Now it is a great honour that I can play a part as leader of the editorial team making the Evening Standard the definitive voice of the world's most exciting city."

Mr Osborne declared: "I am proud to be a Conservative MP but as editor and leader of a team of dedicated and independent journalists our only interest will be to give a voice to all Londoners."

Outlining his editorial style, he explained: "We will be fearless as a paper fighting for their interests. We will judge what the Government, London's politicians and the political parties do against this simple test: is it good for our readers and good for London? If it is, we'll support them; if it isn't we'll be quick to say so."

Mr Osborne said he would remain at Westminster and vowed to continue to serve the people of his Cheshire constituency.

"I remain passionate about the Northern Powerhouse and will continue to promote that cause. Right from the first speech I gave about the North of England, I've said that London needs a successful North and the North benefits from its links to a global city like London. It's not a zero-sum game, but quite the opposite," he added.

Mr Lebedev lauded Mr Osborne as someone of "huge political achievement, and economic and cultural authority"

He said: "Once he put himself forward for the position, he was the obvious choice. I am proud to have an editor of such substance, who reinforces the Evening Standard's standing and influence in London and whose political viewpoint - liberal on social issues and pragmatic on economic ones - closely matches those of many of our readers."

The paper added that Mr Osborne was now seeking the advice of the Advisory Committee on Business Appointments on his new role.