George Osborne was born in Paddington, London, England and was educated at the University of Oxford. He became an MP in 2001 and entered the shadow cabinet in 2004. In 2005, Osborne was made the Shadow Chancellor of the Exchequer by Michael Howard and held this post when David Cameron became leader of the Conservative Party. Osborne became Chancellor of the Exchequer on 11 May 2010 and has then has 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.