No emergency budget despite Brexit vote says Chancellor

CHANCELLOR George Osborne has ruled out plans for an Emergency Budget until a successor to David Cameron as Prime Minister is in place.

In a speech engineered to quell concerns ahead of trading in the European markets, Mr Osborne said contingency measures drafted should there be a vote to leave the EU were being implemented.

The Chancellor said he had spent the weekend talking with European finance ministers as well as the IMF and the US Treasury to assure them that that all necessary steps were being taken.

He said the Bank of England was ready to loan foreign currency if needed and the government would ensure that there was adequate support for business.

He said the government would only trigger Article 50 when arrangements were in place and in the meantime there would be no change on rights of travel or the way the economy was regulated.

He said some firms were basing their investment and hiring arrangements on what had happened and this would have an impact on the economy, nevertheless, he said no one should doubt the government’s resolve.

“The British economy is financially strong, we are highly competitive and open for business,” he said.

He also said Britain would not be isolationist and would retain its long-term relationships with Europe and the rest of the world.

On a personal note, he said that while the vote was not the outcome he had been hoping for, he was totally focused on ensuring stability.