Mr Hancock was set to be appointed as the "UN special representative on financial innovation and climate change for the United Nations Economic Commission for Africa". However, a UN spokesman has now told the UN news organisation Pass Blue that his appointment has not been "taken forward".
Mr Hancock had recently taken to Twitter to speak of the honour he had after being appointed.
He tweeted: “Honoured to be appointed United Nations Special Representative.
“I’ll be working with the UN and UN Economic Commission for Africa to help African economic recovery from the pandemic and promote sustainable development.”
A statement from the United Nations read: "Hancock’s appointment by the UN Economic Commission for Africa is not being taken forward.
"ECA has advised him of the matter.”
Twitter users have been quick to react to the news that Mr Hancock has lost his role at the United Nations.
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Twitter users have been quick to react to the news that Mr Hancock has lost his role at the United Nations.
Dan Birch tweeted: "Should never have been offered it in the first place.
"The UN's due diligence was clearly severely lacking."
@MapleSpartan tweeted: "Is that a consequence of one’s actions I see? Such a rare thing these days."
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Mr Hancock had recently published a letter from Vera Songwe, the Under-Secretary-General of the UN, online where praised Mr Hancock’s "success" in tackling the UK's Covid response ahead of his appointment.
Ms Songwe said: "[The] acceleration of vaccines that has led the UK move faster towards economic recovery is one testament to the strengths that you will bring to this role, together with your fiscal and monetary experience".
She wrote to Mr Hancock that she wanted to appoint him “given your global leadership, advocacy reach and in-depth understanding of government processes through your various ministerial cabinet roles”.