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Chancellor George Osborne: ‘British economy is open for business’

Chancellor George Osborne said this morning the British economy is “fundamentally strong” in a bid to calm global markets, after the UK voted to leave the European Union on Thursday.

He said some firms are continuing to pause their decision to invest or to hire people as a result of Thursday’s decision.

“As I said before, the referendum this will have an impact on the economy and the public finances, and there will need to be action to address that,” he said. “Given the delay in triggering article 50 and the prime minister’s decision to hand over to a successor, it is sensible that decisions on what that action should consist of wait for the OBR [Office for Budget Responsibility] to assess the economy in the autumn, and for the new prime minister to be in place.”

He maintained that no one should doubt “our resolve to maintain the fiscal stability we have delivered for this country”.

“The British economy is fundamentally strong, we are highly competitive and we are open for business,” he added.



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