The UK has indicated that it will back former Chancellor of the Exchequer George Osborne as the next managing director of the International Monetary Fund (IMF). What were the political dynamics between key figures in the run up to this decision? And what is the likelihood of George Osborne becoming to next IMF managing director? Below are some developments that may be considered noteworthy:
- In December 2015, when Osborne was Chancellor, the UK became the first G7 country outside Asia to ratify the articles of agreement of the Asian Infrastructure Investment Bank (AIIB).
- On 5 February 2016, Osborne’s former chief secretary to the Treasury Danny Alexander was confirmed as a senior executive at the AIIB after losing his seat in the 2015 general election, making him, as described in the Financial Times, “the leading British figure at the body.”
- On 14 July 2016, Osborne was sacked as Chancellor by Theresa May, who was appointed as Prime Minister on 13 July 2016 following David Cameron’s resignation after the European Union referendum.
- On 17 March 2017, prior to his resignation as MP later in 2017, Osborne was appointed as the editor of the Evening Standard in what the Financial Times described as “an abrupt career shift by the former UK chancellor that has startled both Fleet Street and Westminster.” He was estimated to earn over £200,000 on top of his MP salary for the editor post despite having never worked as a full-time journalist before.