Osborne became Chancellor of the Exchequer on 11 May 2010 and outlined £6.2 billion worth of cuts to help reduce the budget deficit. He left office on 13 July 2016 when Theresa May became Prime Minister. He was replaced by Philip Hammond. In April 2017 he said he would not stand in the 2017 general election. He was made a Companion of Honour in the 2016 Prime Minister's Resignation Honours. He was editor of the "Evening Standard" from 2017 to 2020.