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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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Pound suffers fresh losses in early Asian trading

Sterling was quoted at $1.34 on Monday. Credit: Reuters

The pound suffered fresh losses during early trading on Asian markets on Monday morning.

Sterling was quoted at $1.34 on Monday, down on Friday's close, when it dropped by more than 8% following the referendum result and slipped

Elsewhere, International Monetary Fund Managing Director Christine Lagarde said financial markets "vastly underestimated" the outcome of the vote.

But she added: "There was no panic and the central bankers did the job that they were prepared to do just in case, which was to put a lot of liquidity on the markets."

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