Jeremy Hunt has confirmed he is stepping down from the Conservative frontbench, calling for his party to be “humble” following July’s election defeat.
The decision comes just hours before the Tory leadership race comes to an end, with polls closing at 5pm on Thursday.
On Saturday morning, either Robert Jenrick or Kemi Badenoch will be crowned the new party leader.
Mr Hunt, who served as chancellor under Rishi Sunak’s Conservative government and is currently the shadow chancellor, confirmed he will be stepping back from the role following Wednesday’s budget.
He said he is unlikely to return to the frontbenches for “the next few years, at least”.
Announcing his return to the backbenches, the MP for Godalming and Ash told Times Radio: “I’ve told both the two leadership candidates that I’ll be stepping back from the shadow cabinet.
“We had a big drubbing in the election. I think we have to be humble and reflect on that and show new faces to the country. And you know, politics is a rough game, but I’m not complaining.
“So for the next few years, at least, I will be stepping back from the front bench. So this will be our very last interview as chancellor or shadow chancellor. I’ve enjoyed them all, so thank you very much.”
The winner of the leadership race will be announced on Saturday morning, the timing of which meant the party left itself unable to properly criticise the first Labour Budget, which saw chancellor Rachel Reeves unveil £40bn worth of tax rises.
Speaking to journalists after the Budget, a Conservative spokesperson said they wouldn’t be making detailed comments on the fiscal event – which saw the most significant tax rises in any Budget since 1993 – as a result of the ongoing leadership election.
Referring to the two contenders, the official said: “I haven’t spoken to either of them about it and I don’t want to get into committing them to things that we need time to think through.”
The two potential future leaders later made their own separate statements, with Ms Badenoch calling it a Budget of “higher taxes, more borrowing and lower growth”.
Meanwhile, Mr Jenrick called Ms Reeves the “gloom and bust” chancellor, adding: “This Budget completes the biggest heist in modern history.”
After months spent warning the public of “tough choices” ahead, Ms Reeves used the Budget to promise to “invest, invest, invest” in order to “fix public services” and announce a £22.6 billion increase in the day-to-day NHS health Budget.
Increases to employers’ national insurance contributions, stamp duty on second homes and a scrapping of the VAT exemption on private school fees were all confirmed by the chancellor, as well as a new duty on vaping liquids.
Introduced as the chancellor attempts to grapple with a £22bn black hole in the public finances, the tax hikes represent the biggest rise in cash terms in any Budget.
