The U.K. is ready to face the future with a strong economy that will adjust to the new situation, Chancellor of the Exchequer George Osborne said Monday.
"Britain is ready to confront what the future holds for us from a position of strength," Osborne said in a statement, which were his first public remarks since Britons voted to leave the EU in the June 23 referendum.
"Our economy is about as strong as it could be to confront the challenge our country now faces."
That said, the "Brexit" will have an impact on the economy and the public finances - and there will need to be action to address that, he said.
The chancellor's remarks were aimed to calm the financial markets, which have been turbulent since the historic vote. The pound fell to a 31-year low on Friday on the news "the leave" winning the referendum.
Osborne also said that it was sensible to wait for the Office for Budget Responsibility's economic assessment and a new Prime Minister to take decide when to trigger Article 50 of the Treaty of the EU that governs the exit process.
"Only the UK can trigger Article 50, and in my judgement we should only do that when there is a clear view about what new arrangement we are seeking with our European neighbours," the chancellor said.
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