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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: 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".

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