Taxes on the up
The UK’s Chancellor of the Exchequer, George Osborne, has warned the public that taxes will have to be raised and spending cut after the shock Brexit victory last week.
Osborne said the country would ultimately be poorer as a result of the decision to leave the EU – something he campaigned against – and that the country now needed to deal with the economic consequences.
Sterling plunged against the dollar to its lowest since 1985 after the vote, and two ratings agencies downgraded Britain's sovereign credit rating late on Monday.
“We need a plan as a country to get ourselves out of this, whilst respecting the verdict of the British people. That means financial stability, ending economic uncertainty and providing unity in our society,” Osborne said in a BBC radio interview.
Meanwhile, Osborne has also ruled himself out of the prime ministerial race, saying he was the wrong person to unify the Conservative party, adding that another supporter of EU membership possibly could.
“I am not backing any candidate at the moment,” he added. I was full-throttled in arguing for remaining in the EU and because half my party wanted to leave the EU I don't think I can be the person who can bring the party back together at this moment.”