There has been speculation that Balls, who has been a powerhouse at the top of Labour politics since he started working for Gordon Brown in 1994, could seek an early return to the Commons through a byelection, but Balls told the BBC he was not planning a return to parliament and that “outside of politics is where I am going next”.
He went on: “You never say never about anything, because who knows what’s going to happen, but the reality for me now is that I want to make a difference to the world outside of politics. That’s how I’m thinking about things. I’m not going to be dashing back.
“I’ve been thinking about and writing about economics for 20 years and there’s really big issues out there … is the financial system sound, the development challenge which is pushing migrants into Europe. These are things where, for the first time, there’s real time to stand back and think and write a bit. That’s what I’ll do.”