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Britain open for business: Osborne
LONDON: Chancellor George Osborne sought to assure markets before they opened on Monday that Britain’s fundamentals were strong and that it remained open for business,
LONDON: Chancellor George Osborne sought to assure markets before they opened on Monday that Britain’s fundamentals were strong and that it remained open for business, but admitted that “it will not be plain sailing in the days ahead”.
As markets continued to react to Britain’s vote last Thursday to leave the European Union, the Institute of Directors said some companies were likely to impose a recruitment freeze, while most of its 1,000 members said the vote was negative for business.
Foreign secretary Philip Hammond said on Sunday television that foreign investment had almost dried up in the run-up to the referendum. But Osborne insisted that Britain was looking at the future from “a position of strength”.
In a statement, he said there was no need for an emergency budget (he had anticipated one during the referendum campaign), but insisted that there would need to be an “adjustment” to Britain’s economy due to the Brexit vote.
Osborne said: “We were prepared for the unexpected. We are equipped for whatever happens. And we are determined that unlike eight years ago, Britain’s financial system will help our country deal with any shocks and dampen them – not contribute to those shocks or make them worse”.
“But no one should doubt our resolve to maintain the fiscal stability we have delivered for this country. To all companies large and small I would say this: the British economy is fundamentally strong, we are highly competitive and we are open for business”.
Osborne, who is expected to continue as chancellor in the new government when Prime Minister David Cameron steps down by October, said he intended to play an active part in the new dispensation.
“I want this great trading nation of ours to put in place the strongest possible economic links with our European neighbours, with our close friends in North America and the Commonwealth, and our important partners like China and India. I do not want Britain to turn its back on Europe or the rest of the world”, he said.
