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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 plunges as sterling feels heat of Brexit vote

The pound fell against the dollar and the euro on Monday morning. Credit: PA

The value of the pound continued to plunge on Monday morning as concerns over the state of the British economy deepened following Brexit.

The pound fell 3.35% against the dollar to $1.32, following on from Friday's 10% drop. Against the euro the pound was also down, falling 2.27% to €1.20.

It comes as George Osborne sought to calm market fears in an early morning speech on Monday, in which he said the UK economy is "open for business" and "about as strong as it could be".

Ken Odeluga, market analyst at City Index, said: "Osborne was of course not yet able to provide any further material certainty on key procedural questions (particularly when Article 50 will be triggered) facing Britain, and consequently its markets, over the next several months.

"It is uncertainty surrounding such questions that are contributing to sterling's softness."

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George Osborne: 'Britain is ready to confront what the future holds'

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