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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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G7 confident UK will be 'resilient' to impact of Brexit

The flags of the G7 nations. Credit: PA

The UK economy is "resilient" to the impact of the EU referendum vote, G7 finance ministers and central bank governors have said.

They said steps had been taken to "ensure adequate liquidity and to support the functioning of markets" and that they were ready to use "established liquidity instruments to that end".

"We affirm our assessment that the UK economy and financial sector remain resilient and are confident that the UK authorities are well-positioned to address the consequences of the referendum outcome," they said in a statement.

"We recognise that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.

"We remain united and continue to maintain our solidarity as G7."

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