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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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Boris Johnson: 'Project Fear is over'

Boris Johnson said "Project Fear is over" after the Chancellor George Osborne said an emergency budget was unlikely to happen until David Cameron's successor takes over in the autumn.

The leading Leave campaigner welcomed Mr Osborne's statement on Monday morning that the UK economy was "about as strong as it could be", as the chancellor tried to calm fears in the markets about the economy post Brexit.

"It is clear now that Project Fear is over, there is not going to be an emergency budget, people's pensions are safe, the pound is stable, the markets are stable, I think that's all very good," Mr Johnson told reporters as he left his London home.

The former Mayor of London also said EU citizens currently living in the UK and British expats living on the continent "have their rights protected", as he sought to clear up "confusion" over their "status".

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