UK Treasury chief tries to calm markets amid 'Brexit' fears

UK Treasury chief tries to calm markets amid 'Brexit' fears”

Osborne was once viewed as a possible successor to Prime Minister David Cameron, but he has ruled himself out as a replacement.

He said "I want to reassure the British people and the global community that Britain is in a position of strength because over the last six years, we have worked hard to rebuild the British economy". "Thank goodness we did", Osborne said. Britain has the strongest major advanced economy in the world'.

Osborne's remarks came just ahead of the United Kingdom market opening on Monday.

London- European stocks extended their losses on Monday with the British pound falling to its lowest level in nearly 31 years in the wake of the economic and political uncertainty following Britain's historic vote to leave the European Union.

But EU diplomats said Sunday that Britain "may never" trigger Article 50. "There are no informal talks about the exit of Great Britain before an application for exiting the EU has been submitted to the European Council", said German Chancellor Angela Merkel.

Mr Osborne said he "agreed with" reports published by the Treasury earlier this year which predicted a £30bn black hole in the public finances and an economic hit that will leave households £4,300-a-year worse off on average over the long term.

"Risks and uncertainty remain in financial markets", Abe said. In his first statement since Friday morning, "leave" leader and former London Mayor Boris Johnson used his column in the Daily Telegraph newspaper to urge unity and say "the negative consequences (of the vote) are being wildly overdone". "I think we can provide a clear plan". "You should not underestimate our resolve".

"In the meantime, 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". It was already clear that companies were "pausing" investment and recruiting decisions, while volatility in the markets was "likely to continue", he said.

Scottish First Minister Nicola Sturgeon, determined to keep Scotland inside the European Union, said on BBC that she would consider advising the Scottish Parliament not to give "legislative consent" to a British exit, or Brexit. He also did not hint at the need for an emergency budget.

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In Holland, the far right and anti-immigration leader Geert Wilders also called for his country to have a right to vote on the EU. Mark Carney, the governor of the Bank of England, said on Friday that the British financial system was stable and "resilient".

German Chancellor Angela Merkel met with her French and Italian counterparts and said "we agree there will be no formal or informal talks" until the British government officially declares its intention to quit by invoking Article 50 of the European Union treaty.

In a speech to business leaders Tuesday, Khan says that more autonomy is needed to protect the economy from the uncertainty ahead.

After the vote. French President Francois Hollande (R), flanked by French Environment Minister Segolene Royale (2nd R), attends a meeting with European Council President Donald Tusk (2nd L) at the Elysee Palace in Paris, on June 27, 2016. Merkel had sought calm and composed decisions over the matter.

The Dutch presidency of the European Union is mounting pressure on Britain to make haste with its withdrawal from the bloc after last week's referendum.

He also indicated that an emergency Budget, dubbed as a "punishment budget" by the Vote Leave camp during the referendum campaign, is also unlikely for the time-being.

In Rome, US Secretary of State John Kerry expressed regret at the outcome of the vote and vowed Washington would maintain close ties with the alliance. While strengthening the demand for a second independence referendum, she also suggested that the Scottish Parliament can block the resolution for the U.K.'s exit from the EU.

Sturgeon is set to hold talks with the Irish President Michael Higgins, who is on a three-day tour of Scotland.

And the Labor Party is witnessing a revolt against its leader Jeremy Corbyn, who favored "remain".

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