Osborne will provide better opposition than Corbyn, claims newspaper tycoon

But the shock appointment raises more questions than it answers. He later became a freelance, working on the Peterborough diary column of The Daily Telegraph.

Osborne famously failed to get on The Times trainee scheme back in 1993. "I was elected by my constituents in Tatton to serve them and I intend to fulfil that promise".

Mr Osborne also earns £650,000 a year as an advisor for the investment firm BlackRock.

He will edit four days a week, but will not stand down as Tatton MP, provoking a storm of criticism.

This is in addition to his £74,000 backbench MP salary, while he has also registered more than £780,000 in payments for making 14 speeches since last September.

George Osborne, who lost his job as British finance minister after the European Union referendum in June, was appointed editor of London's Evening Standard, the newspaper's owner Evgeny Lebedev said on Friday.

"Frankly @George_Osborne will provide more effective opposition to the Government than the current Labour Party". 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".

"It's no different to [now Foreign Secretary] Boris Johnson being the editor of The Spectator for years as a member of parliament", Philip Merry, a Tory from the Wirral told IBTimes UK. And few seriously doubt that a particular attraction of the editor's chair is the payback opportunity it presents after his brutal and unceremonious sacking by Theresa May.

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Standard proprietor Evgeny Lebedev said: 'In George, we have appointed 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".

Former chancellor George Osborne has been appointed editor of one of the country's best read newspapers.

But despite all this work outside the Commons Mr Osborne will remain as an MP and will continue to vote and contribute in Parliament in afternoons after the paper goes to print, the Standard confirmed.

"It's taking multitasking to an extreme level - what a joke", said Labour leader Jeremy Corbyn.

"He's an MP for Cheshire who's been living in 11 Downing Street for the last seven years".

The incredulous Twitter tsunami of reactions to the Osborne editorship appointment included much mirth and some classic quips.

The former Labour leader stole Mr Osborne's thunder after tweeting: "Breaking: I will shortly be announced as editor of Heat magazine...." "Are you sure it isn't?" He can not be the editor of a newspaper and stay on in parliament. "I think George will fit quite nicely into that as a backbench MP", he said.

A senior Conservative MP told MailOnline he could not understand how Mr Osborne would "juggle" all of his jobs.