‘No emergency budget’ before PM successor announced, says Osborne

CHANCELLOR George Osborne has outlined three challenges the UK economy faces after last week’s referendum result.

Speaking before trading on the markets opens this morning, he said there will be “an adjustment in our economy”, but that there will be no Emergency Budget until a successor to David Cameron is announced.

Osborne said that the economy is facing “volatility, uncertainty and a challenge to its long-term trading relationship with our European neighbours.”

In a sober speech, he added: “Britain is ready to confront what it’s in front of us from a position of strength.

“The capital requirements of banks are 10 times what they were, and the Bank of England is available to lend in foreign currencies.

“My responsibility is to the people of this country as Chancellor. Thank goodness we fixed the roof, while we could.

“Leaving the EU was not the outcome that I wanted or campaigned, but now that democracy has spoken we must act on that result. I will fully respect that result.”

He ended by saying: “It is my country right and wrong and I intend to fulfil my duty to the country.”