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Osborne: UK economy 'about as strong as it could be'

The Chancellor George Osborne has said the UK economy is "about as strong as it could be", as he looked to calm market fears following Brexit.

Speaking as financial trading started on Monday, Mr Osborne said the Leave vote in last week's EU referendum was "not the outcome I wanted" but said he "will do everything" he can to "make it work for Britain".

He added that "there will be an adjustment in our economy because of the decision that the British people have taken" but made no indication that there would be an emergency budget.

"I respect that decision and we're going to get on and deliver on that decision. But the impact on the economy will have an article on our public finances," he said.

His comments came after the pound suffered fresh losses during early trading on Asian markets on Monday morning.

Addressing the question of the free movement of labour following withdrawal from the EU, the chancellor said Britain is an "open and tolerant country" and he "will fight to keep it so".

Nottingham man's EU tweet from Greece goes viral

Matt Rooney from Nottingham is on holiday in Greece. When he arrived at reception this morning wanting to exchange British currency for Euros he was greeted with a sign saying they weren't able to because they don't have an "official exchange rate from the central bank".

He tweeted this picture - his tweet has been retweeted 9,400 times.

The problem, which happened after the EU Referendum result was announced, has now been resolved.

Hear more from him on our programme at 6pm.

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JCB chairman says of EU vote we 'need to look to future'

The JCB Chairman Lord Bamford has said the business community must look to the future Credit: PA

The Chairman of Staffordshire-based company JCB has said the business community must look to the future after Britain voted to leave the European Union.

In light of the UK’s vote to leave the European Union, the business community now needs to look to the future. The UK is the world’s fifth largest trading nation. We therefore have little to fear from leaving the EU. European markets are important to many UK businesses, including JCB, and this will not change. As a consequence of this momentous decision, we should look ahead to opportunities to trade more freely with the rest of the world, as well as building on existing trading relationships with customers and suppliers in Europe.”

– JCB Chairman Lord Bamford
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