George Osborne: I'm Focused On The Task In Hand

George Osborne has said he will make his position clear on his future role in the Conservative Party in the coming days as he sought to calm the markets following the UK's Brexit vote.

In his first public appearance since the country voted to leave the EU, the Chancellor warned "it will not be plain sailing in the days ahead" but reassured the British people and global community that robust contingency plans were in place for the immediate aftermath of the referendum.

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He said Britain was "ready to confront what the future holds for us from a position of strength".

"You should not underestimate our resolve. We were prepared for the unexpected. We are equipped for whatever happens," he said.

In a message to nervous firms and investors, Mr Osborne stressed the economy was "fundamentally strong" and "open for business".

It (Other OTC: ITGL - news) comes amid unprecedented political and economic upheaval, which has seen sterling plunge to a 30-year low against the dollar, the resignation of Prime Minister David Cameron and a coup against opposition leader Jeremy Corbyn.

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The pound fell further overnight as markets opened in Asia, while top economists at investment bank Goldman Sachs (NYSE: GS-PB - news) predicted Brexit would push Britain into recession early next year.

Following talks over the weekend with Bank of England Governor Mark Carney and fellow finance ministers and international economic organisations, Mr Osborne said "well-thought through contingency plans" were ready to be deployed if needed in response to further volatility.

Referring to the UK's decision to leave the European Union, Mr Osborne said it was "not the outcome I wanted", but the "people have spoken" and pledged he would do "everything I can to make it work for Britain".

He said it was already evident that as a result of the vote, some firms were continuing to "pause their decisions to invest, or to hire people".

But he asserted to companies - large and small - that "the British economy is fundamentally strong, we are highly competitive".

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An emergency budget to deal with the fallout from the referendum vote looks unlikely to take place until the autumn, as the Chancellor echoed the calls of Mr Cameron, saying the triggering of Article 50 - the formal process that would start Brexit - should be done by a new prime minister.

Amid speculation that he is likely to leave Number 11 for the Foreign Office in the event of a Boris Johnson Brexit government, Mr Osborne asserted he intended to "play an active part" in the negotiations with Europe.

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Addressing reports of a wave of racial abuse and hate crime since the referendum result, he added: "I do not want Britain to turn its back on Europe or the rest of the world.

"We must bring unity of spirit and purpose and condemn hatred and division wherever we see it.

"Britain is an open and tolerant country and I will fight with everything I have to keep it so."

Responding to his statement, shadow chancellor John McDonnell told Sky News: "I think it's important that we all put out reassuring messages now.

"I think that his message that Britain is open for business is exactly the right one, but I'm concerned that the economy is fragile as a result of his mismanagement of the economy.

"What we've got to do now is work together as best we can to make sure that, yes, the decisions of the referendum are implemented but they are implemented in a way that protects our economy and we look to the long term now."

Michael Gove said he found the Chancellor's speech "incredibly reassuring", while Mr Johnson, the frontrunner to replace Mr Cameron, insisted 'Project Fear' was over and that the pound and markets were stable - just as RBS (LSE: RBS.L - news) and Barclays (LSE: BARC.L - news) briefly suspended trading due to market volatility.

He also used an article in the Daily Telegraph to insist that Britain would not turn its back on Europe and would be able to introduce a points-based immigration system while maintaining access to the Single Market.

International Development Secretary Justine Greening suggested Mr Johnson and Home Secretary Theresa May - emerging as an alternative to the former London mayor - do a deal and avoid a leadership contest.

Meanwhile, Labour leader Jeremy Corbyn has insisted he will not stand down in the face of a rebellion which has seen more than two thirds of his shadow cabinet quit following the sacking of Hilary Benn as shadow foreign secretary.