Shadow chancellor role for Osborne

The new Conservative shadow chancellor is George Osborne, who steps into the role in place of Oliver Letwin.

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Osborne, 33, is one of parliament’s youngest MPs, and will face Gordon Brown across the despatch box.

Oxford-educated Osborne became the youngest Conservative MP in the House of Commons in June 2001.

Letwin, who is reported to be considering taking up a role with former employer, the merchant bank NM Rothschild, will serve as shadow secretary of state for environment, food & rural affairs.

Further rumours within Westminster suggest that Letwin has stepped down to prepare to take part in the impending battle for the Tory leadership.

Phillip Hammond takes the role of shadow chief secretary to the Treasury, effectively serving as number two to Osborne.

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