LONDON (Reuters) – British finance minister George Osborne said the British referendum in favor of leaving the EU is likely to lead to greater volatility financial markets, but said the fifth world economy would airy with the challenge ahead.
Osborne, speaking publicly for the first time since Thursday UK voted in favor of abandoning the block, he said the government had launched solid contingency plans and its Executive and the Bank of England could take further action.
“Our economy strong enough to confront the challenge facing our country,” he told a press conference at the Ministry of Finance.
The future of Osborne minister has been in the air after being on the losing side posicionase referendum.
During the campaign said he would have to raise taxes and cut spending if voted to leave the EU.
Osborne said Monday that the government should wait the successor of Prime Minister David Cameron is in office before deciding on how to change its fiscal plans to the expected slowdown in the economy.
Cameron said on Friday he would step down in October.
“There will be an adjustment in our economy by the decision taken by the British people,” Osborne said.
“We have to act to deal with the impact on public finances, but of course it is perfectly logical to expect to have new prime minister to determine how,” he said.
The pound which it fell more than 8 percent against the dollar on Friday pared some of its losses on Monday as Osborne spoke.
Osborne, once a favorite to succeed Cameron said he would clarify his political future in the coming days
.
No comments:
Post a Comment