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Business

VERBATIM: Osborne tries to calm markets

Opening sequence

Opening sequence

Business

VERBATIM: Osborne tries to calm markets

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COMING UP:VERBATIM: Osborne tries to calm markets

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Transcript

00:00:00
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00:00:07
Only the UK can trigger Article 50. And in my judgment, we should only do that when there is a clear view about what new arrangements we are seeking with our European neighbors. In the meantime, during the negotiations that will follow, there will be no change to people's rights to travel and work, and to the way our goods and services are traded or to the way our economy and financial system is regulated.
00:00:33
As I said before the referendum, this will have an impact on the economy and the public finances. And there will need to be action to address that. Given the delay in triggering Article 50 and the Prime Minister's decision to hand over to a successor, it is sensible the decisions of what the action should consist of, wait for the OBR to assess the economy in the autumn and for the new Prime Minister to be in place.