Osborne breaks silence on Brexit

Ryan Bembridge

June 27, 2016

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George Osborne pledged to take “action” to protect the economy and public finances in his first address since the EU Referendum.

The Chancellor said it was “inevitable” that the UK economy would face an “adjustment” but added that the UK was “ready to confront what the future holds for us from a position of strength”.

In a morning where Barclays and RBS halted trading after stocks nosedived Osborne claimed the economy was “fundamentally strong” and “open for business”.

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Osborne echoed Cameron by saying there is no rush to trigger Article 50 of the Lisbon Treaty, which will give the UK two years to exit the EU, despite calls for a swift exit from EU ministers.

Osborne said: “Only the UK can trigger Article 50 and in my judgement we should only do that when there is clear view about what new arrangements we are seeking with our European neighbours.

“In the meantime and 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.

“However it is already evident that as a result of Thursday’s decision some firms are continuing to pause their decisions to invest or hire people.

“As I said before the referendum this will have an impact on the economy and public finances and there will need to be action to address that.”