Chancellor Finally Emerges Four Days After Referendum to Calm Nerves

London (PNA/Xinhua) — British Chancellor of the Exchequer George Osborne made an early morning speech Monday aimed at reassuring British people and the global community following Thursday’s EU referendum result.

It was Osborne’s first reaction since the vote to leave the EU, which prompted critics to describe the chancellor as the “invisible man”.

In a message from the Treasury in London, Osborne said “Britain is ready to confront what the future holds for us from a position of strength.”

“I said we had to fix the roof so that we were prepared for whatever the future held. Thank goodness we did. As a result, our economy is about as strong as it could be to confront the challenge our country now faces.”

Remain supporter Osborne added: “The people have spoken and we must all accept that result and deliver on their instructions. I fully accept the result of the referendum and will do everything I can to make it work for Britain.”

It is inevitable the British economy is going to have to adjust to the new situation, he added.

He spoke of the challenges, including the volatility seen and likely to continue in financial markets.

“Those markets may not have been expecting the referendum result, but 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,” added the chancellor.

“In the last 72 hours I have been in contact with fellow European finance ministers, central bank governors, the managing director of the IMF, the US Treasury Secretary and the Speaker of Congress, and the CEOs of some of our major financial institutions so that collectively we keep a close eye on developments. It will not be plain sailing in the days ahead.

But you should not underestimate our resolve. We were prepared for the unexpected,” he said.

Another challenge, said Osborne, was the uncertainty a leave vote would bring as Britain worked with its European allies to create a new relationship.

He said only Britain could trigger the exit procedure known as Article 50, saying that should only happen when there is a clear view about what new arrangement Britain seeks with the EU.

“In the meantime 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.

“However, it is already evident some firms are continuing to pause their decisions to invest, or to hire people. To all companies large and small I would say the British economy is fundamentally strong, we are highly competitive and we are open for business,” he said.

Osborne said he intends to play an active part in the upcoming debate, adding: “I want this great trading nation of ours to put in place the strongest possible economic links with our European neighbors, our close friends in North America and the Commonwealth, and our important partners like China and India.” (PNA/Xinhua) RMA/EDS