Chancellor reassures the British People

The Chancellor has reassured the British people and global community that Britain is ready to confront what the future holds from a position of strength.

The British people have voted to leave the European Union and their will must be respected.

In the last six years the Government and the British people have worked hard to rebuild the British economy. As a result, our economy is as strong as it could be to confront the challenge our country now faces.

The Treasury, the Bank of England and the Financial Conduct Authority have spent the last few months putting in place robust contingency plans for the immediate financial aftermath in the event of this result, and the Bank stands ready to provide £250 billion to continue to support banks and the smooth functioning of markets.

The Chancellor has been in contact with fellow European finance ministers, central bank governors, the IMF, the US Treasury Secretary and the Speaker of Congress, and the CEOs of major financial institutions so that collectively we keep a close eye on developments.

The Prime Minister has given us time to decide what Britain’s new relationship with Europe should be by delaying the decision to trigger the Article 50 procedure. 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.

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. We start from a position of hard-won strength, and whatever the undoubted challenges, we are determined to do the best for Britain.

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