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Friday, June 24, 2016

Osborne: I'll 'Do All I Can' To Make Brexit Work

George Osborne has pledged to do all he can to make the outcome of the EU referendum work after briefing G7 finance ministers on the result.
The Chancellor said on Twitter: "It was a hard fought campaign.
"It is not the outcome I wanted but I respect decision of British people and will do all I can to make it work."
In a series of tweets, he said he had discussed the market consequences with his G7 colleagues and that G7 finance ministers respect the decision of the British people.
He tweeted: "G7 central banks have taken steps to ensure adequate liquidity and support the functioning of markets."
Mr Osborne also said the Bank of England and Treasury are closely monitoring the situation.
He gave no indication over his future and has not made a public appearance, after David Cameron announced he would be standing down in light of the referendum result.
In a statement, G7 finance leaders said: "We ... respect the intention expressed today by the people of the United Kingdom to exit from the European Union.
"We are monitoring market developments following the outcome of the referendum on the UK's membership of the EU.
"We affirm our assessment that the UK economy and financial sector remain resilient and are confident that the UK authorities are well-positioned to address the consequences of the referendum outcome."
The US Federal Reserve has said it is ready to provide dollar liquidity to offset any market pressures resulting from Britain's vote to leave the EU.
Ahead of the referendum, Mr Osborne had warned that a Leave vote could result in cuts to public spending and higher taxes.

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