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George Osborne attempts to calm markets

George Osborne attempts to calm markets

Executive Grapevine | Executive Grapevine International Ltd


The Chancellor of the Exchequer, George Osborne, has been conspicuous in his absence since the UK decided to leave the EU on Friday morning.

However, he made a statement before trading commenced in London today in an attempt to calm the tumultuous markets - the BBC reports. 

"I said we had to fix the roof so we were prepared for whatever the future held and thank goodness we did," he said.

On the process of the UK's departure from the EU, he said: "Only the UK can trigger Article 50. And in my judgement, we should only do that when there is a clear view about what new arrangements we are seeking with our European neighbours.

"In the meantime, during the negotiations that will follow, there will be no change to people's rights to travel and work and to the way our goods and services are traded or to the way our economy and financial system is regulated."

Prior to his statement the pound fell further in trading in Asia, down 2.6% against the US dollar at $1.34.

When asked about the ‘punishment’ budget that was threatened during the EU referendum, Osborne said: “There will have to be action to deal with the impact on the public finances, but of course it is perfectly sensible to wait until we have a new Prime Minister.

"Of course, the economy is going to adjust, and there will be an impact on the public finances, that’s what I said before the referendum, I don’t resile from anything I said before the referendum. And I said there would have to be action, actually as it happens in the autumn, to address that.

"I think it is perfectly sensible to wait until we have new Prime Minister before we address that.”