Osborne has been finance minister since Cameron was first elected in 2010, overseeing a programme of spending cuts and tax rises meant to eliminate the budget deficit following the global financial crisis. “So before setting the clock ticking we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election”.
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Writing in the early today edition of The Times newspaper, Osborne said he was not be the right person to lead the party because of his advocacy for the “Remain” vote, which lost in the referendum by 48 per cent to 52 per cent.
The pound had plunged to its lowest level in 30 years on Friday and fell another 1.7 percent against the USA dollar on Monday, to $1.3430.
Prime Minister David Cameron will attend an emergency meeting of European Union leaders in Brussels later on Tuesday, where he is expected to urge leaders to take a “constructive” approach to negotiations over a new relationship with the UK.
“We as a country now have to collectively determine and the Conservative party has to determine which model are we seeking in terms of our relationship with our nearest friends and allies, and that is what the Conservative leadership contest is about”.
Hours after he spoke, Standard & Poor’s knocked the U.K.’s sovereign rating by two notches, from AAA to AA, saying an European Union exit “will lead to a less predictable, stable and effective policy framework in the U.K”.
Meanwhile, opposition leader Jeremy Corbyn faced upheaval within his Labour Party after more than 20 advisers quit his inner circle, calling on him to resign. But now we must respond loud and clear: “Britain is open for business and the British economy is fundamentally strong”.
George Osborne has said the United Kingdom is ready to face the future “from a position of strength” and indicated there will be no immediate emergency Budget.
EU President Donald Tusk says holding off on a meeting of EU leaders on the bloc’s future until September will avoid rushing into reform after the British made a decision to leave in a referendum vote.
“Britain is ready to confront what the future holds for us from a position of strength”, George Osborne said Monday. Scottish leader Nicola Sturgeon says Scotland will launch immediate talks with European Union nations and institutions to find a way to remain in the bloc despite Britain’s vote to leave.
He also said that while the outcome was not what he had hoped for, he meant to play an “active role” in future negotiations. “There are no informal talks about the exit of Great Britain before an application for exiting the EU has been submitted to the European Council”, said German Chancellor Angela Merkel.
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In what promises to be one of the bitterest summits in the EU’s history, Britain’s prime minister will then face huge pressure in Brussels on Tuesday to immediately trigger the two-year exit process.
