Former Conservative leader Lord William Hague has been elected as the next chancellor of Oxford University.

Lord Hague beat a number of high-profile candidates, including Lady Elish Angiolini and Labour peer Lord Peter Mandelson, in the race for the historic position.

It comes after fellow Tory Lord Patten announced that he would be retiring after more than 20 years in the position at the university.

Lord Hague will be inaugurated as chancellor early in the New Year and he will serve for a term of 10 years, the university announced on Wednesday.

Staff and alumni voted online for the first time to elect the chancellor – a post which has been in place at Oxford for 800 years.

The chancellor is the titular head of the university and they preside over key ceremonies, and they also chair the committee to elect the vice-chancellor, who leads the university.

Lord Hague said: “I regard being elected as the chancellor of our university as the greatest honour of my life.

“I pay tribute to the other candidates, in particular for their commitment to the future of Oxford.

“What happens at Oxford in the next decade is critical to the success of the UK.”