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George Osborne: 'Britain is ready to confront what the future holds'

George Osborne has been seeking to reassure financial markets this morning following Britain's decision to leave the EU.

In a speech at The Treasury, the Chancellor said Britain is "ready to confront what the future holds for us from a position of strength" in his first public reaction to Brexit.

He also told journalists that any decision on an emergency budget would need to be taken by David Cameron's successor.

The UK's credit rating outlook was downgraded from "stable" to "negative" on Saturday in the wake of the referendum.

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Osborne to clarify if he will run for leadership this week

George Osborne said he would clarify whether he would run for leadership of the Conservative Party this week.

Speaking at a news conference in London on Monday morning, the Chancellor said: "There have been questions about the future of the Conservative Party and I will address my role within that in the coming days."

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