Chancellor says UK government has resolve to 鈥榤aintain fiscal stability鈥�
Chancellor George Osborne has sought to reassure businesses that the UK鈥檚 economy is sound and can withstand Brexit, after a chaotic few days triggered by Thursday鈥檚 referendum.
In a statement this morning Osborne acknowledged the government would have to take action to mitigate the 鈥渋mpact on the economy and the public finances鈥� of Brexit, but he said it was prepared and ready to do so, adding: 鈥淣o one should doubt our resolve to maintain the fiscal stability we have delivered for this country鈥�.
Osborne鈥檚 comments come as the UK begins to digest the full impact of Brexit, including the prospect of a new prime minister, a potential new leader of the opposition, a possible snap general election, a second Scottish independence referendum, and protracted trade negotiations with the European Union and beyond.
A survey by the Institute of Directors of 1,000 business leaders published this morning found many firms will respond to the uncertainty with investment cuts, hiring freezes and redundancies.
A quarter of respondents said they were putting hiring plans on hold, while 5% said they would make staff cuts.
Nearly two-thirds said the outcome would be negative for their company, while one on five said they would considering moving operations overseas.
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