Osborne assures markets about British economy

LONDON, June 27 (KUNA) — George Osborne, the UK Chancellor of the Exchequer, has affirmed that the British economy was in a sound position and would be able to absorb repercussions of the nation pullout from the European Union.
Chancellor Osborne, speaking at a news conference ahead of today’s financial trades in London, sought to assure the financial markets, saying that the government prepared a contingency scheme to withstand any forecast serious economic or financial crisis.
Britain remains open for investors and businessmen, he said, noting that only minor changes should be undertaken for the economic structure.
Chancellor Osborne said he had spoken to Bank of England governor Mark Carney and that there were “well thought through contingency plans if needed”.
He said he had also been co-coordinating with fellow finance ministers in Europe, the International Monetary Fund, central banks and the US Treasury Secretary to help markets cope with the shock.
“You should not underestimate our resolve,” he said.
Osborne said the referendum result was “not the outcome that I wanted”, but added: “The British people have given us their instructions.” He also appeared to rule out resigning in the near future, saying that the UK needed to negotiate its exit from the EU with its “European partners and allies”.
“I intend to play an active part in that debate,” he said. (end) mrn.rk