Under the compensation for loss of office rules, any sacked minister is entitled to a redundancy payment of 25% of their annual ministerial salary. Osborne would have been entitled to a tax-free payout of £17,388 based on his salary of £69,552 as Chancellor. As an MP his total salary at the Treasury was around £143,000.

Osborne was replaced by Philip Hammond in the post-Brexit cabinet reshuffle and was not offered another post in the government. He resigned his seat for Tatton on 19 April 2017.

Since leaving the government, Osborne has racked up a portfolio of six jobs, including editor of the London Evening Standard, and a four-day a month role at global investment group Blackrock, where he is paid an annual £650,000 fee.

Former Chancellor, George Osborne, also has a four-day a month senior adviser role at global investment group, BlackRock, which pays him £650,000 a year. The payment was revealed in the  registry of MPs’ interests on Budget day this March.

The legislation governing ministerial severance payments is the Ministerial and other Pensions and Salaries Act 1991 (Section 4 of Chapter 5).

This legislation states the criteria upon which severance payments are made: the amount of severance payment allowed, which is one quarter of annual salary; that severance payments can only be made three weeks after ministers leave office; and that ministers who have reached the age of 65 at the time of leaving office are not eligible to receive such a payment.