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‘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. Read More