George Osborne resigns from as Philip Hammond named new Chancellor

GEORGE Osborne has resigned from Government and Philip Hammond has been chosen to be the next Chancellor in Theresa May's new cabinet.

Mr Osborne, who campaigned for the UK to remain in the EU, gave his shock resignation this evening.

The announcements come as the new Prime Minister Theresa May is deciding on her new Cabinet.

Mrs May was officially made Prime Minister today as David Cameron left Number 10 Downing Street for the last time.

Former Foreign Secretary Mr Hammond was tipped to replace Mr Osborne as Chancellor in Mrs May's new Government.

It is thought that Mr Osborne could have resigned as he did not want to accept a demotion in Government.

Mr Osborne was Cameron's right-hand man as he campaigned for the UK to stay in the EU, as he shared scaremongering stories of what a Brexit vote could do to UK businesses.

Theresa May will continue to appoint members of her Cabinet this evening.

The new Prime Minister is under pressure to create a Cabinet to unite the country following the Brexit vote, which divided the country.

When she first announced her bid to be leader, she said: "Brexit means Brexit".

Critics will remember Me Osborne for the massive expansion in food banks, the so-called bedroom tax, and attempts to cut disability benefits, but supporters would point to the introduction of the living wage, his bid to create Northern "powerhouse" cities, strong jobs growth after a disappointing start, and his 2007 opposition push to cut inheritance tax which helped spook then PM Gordon Brown out of calling a snap general election which Labour would likely have won.

Mr Osborne became the youngest chancellor for 120 years when he took on the role at the age of 38.

Mr Osborne's claims that families would be £4,300 a year worse off by 2030 if Britain dared vote Brexit caused outrage in the Leave camp as he was criticised by the Commons Treasury committee for misleading the public.