Osborne’s U-turn: There won’t be austerity or an emergency budget afterall

Chancellor George Osborne speaks at The Treasury, London, where he moved to try to calm market turmoil triggered by the pro-Brexit vote. PRESS ASSOCIATION Photo. Picture date: Monday June 27, 2016. Mr Osborne spoke ahead of the start of financial trading and outlined how the Government will "protect the national interest" after its humiliating defeat in the landmark nationwide poll. See PA story POLITICS EU. Photo credit should read: Stefan Rousseau/PA Wire
Chancellor George Osborne speaks at The Treasury, London, where he moved to try to calm market turmoil triggered by the pro-Brexit vote. PRESS ASSOCIATION Photo. Picture date: Monday June 27, 2016. Mr Osborne spoke ahead of the start of financial trading and outlined how the Government will “protect the national interest” after its humiliating defeat in the landmark nationwide poll. See PA story POLITICS EU. Photo credit should read: Stefan Rousseau/PA Wire

George Osborne has finally spoken publicly about Brexit, three days after the results of the EU referendum were announced.

The Chancellor said that he wanted to reassure Britain and the rest of the world that the country is ‘ready to confront what the future holds for us from a position of strength.’

Pound continues to plummet following Friday’s record crash.

He also said an emergency budget was unlikely until the autumn adding it was better to delay action to shore up the public finances until a new prime minister is in place

Mr. Osborne warned it ‘would not be plain sailing’ but the UK was ‘equipped for whatever happens’.

In a message to nervous firms and investors, Mr Osborne stressed the economy was ‘fundamentally strong’ and ‘open for business’.

The Chancellor said: ‘It will not be plain sailing in the days ahead. But let me be clear – you should not underestimate our resolve.

‘We were prepared for the unexpected and we are equipped for whatever happens. And we are determined that, unlike eight years ago, our financial system will help our country deal with any shocks and dampen them, not contribute to those shocks or make them worse.’

The Chancellor’s intervention came ahead of the opening of markets in London, as Boris Johnson broke cover in a bid to start healing Tory wounds ripped open by the bitter referendum battle.

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Mr Johnson, the frontrunner to replace David Cameron for PM, used an article in the Daily Telegraph to insist that Britain would not turn its back on Europe and would be able to introduce a points-based immigration system while maintaining access to the Single Market.

Mr Cameron was due to chair an emergency Cabinet meeting, while US secretary of state John Kerry was visiting London and Brussels for talks on the fallout from the vote. READ MORE OF THIS REPORT

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About Cholo Brooks 14335 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.