Speech. Statement by the Chancellor following the EU referendum

The United Kingdom Chancellor of the Exchequer (Finance Minister), George Osborne, made a statement on the 27 June 2016 following the outcome of the EU referendum.

He said that the outcome of the referendum would have an impact on the economy and the public finances – and there would need to be action to address that. However, he also said that he wanted want to reassure the British people, and the global community, that Britain was ready to confront what the future held for us from a position of strength.

The credit rating agency Standard and Poor's downgraded the UK credit rating on the 27 June 2016 saying that the EU referendum result was a ‘seminal event’ that meant Britain no longer deserved a top credit rating. Fitch also downgraded the UK. The pound hit a new 31-year low against the US dollar and the stock market fell.

• Primary Source

ESO: In Focus: Brexit - The United Kingdom and the European Union http://www.europeansources.info/record/brexit-the-united-kingdom-and-the-european-union/

ESO: Background information: HM Treasury analysis: the long-term economic impact of EU membership and the alternatives http://www.europeansources.info/record/hm-treasury-analysis-the-long-term-economic-impact-of-eu-membership-and-the-alternatives/

ESO: Background information: HM Treasury analysis: The immediate economic impact of leaving the EU http://www.europeansources.info/record/hm-treasury-analysis-the-immediate-economic-impact-of-leaving-the-eu/

ESO: Background information: The EU Referendum, 23 June 2016. The United Kingdom and the European Union. The results http://www.europeansources.info/record/the-eu-referendum-23-june-2016-the-united-kingdom-and-the-european-union-the-results/

UK: Bank of England: Publications, 24.06.16: Statement from the Governor of the Bank of England following the EU referendum result http://www.bankofengland.co.uk/publications/Pages/news/2016/056.aspx

GOV.UK: BIS: Authored Article, 26.06.16: Today’s challenges are tomorrow’s opportunities https://www.gov.uk/government/speeches/todays-challenges-are-tomorrows-opportunities

BBC News, 27.06.16: Osborne: UK in a position of strength http://www.bbc.co.uk/news/business-36637732

EUObserver, 27.06.16: UK economy is strong, says finance minister https://euobserver.com/uk-referendum/134045

Deutsche Welle, 27.06.16: 'Only the UK can trigger Article 50,' George Osborne says http://dw.com/p/1JE6Y

The Guardian, 27.06.16: Britain credit rating downgraded as markets suffer more Brexit losses https://www.theguardian.com/business/live/2016/jun/27/pound-shares-markets-brexit-crisis-osborne-lew-business-live

BBC News, 27.06.16: Ratings agencies downgrade UK credit rating after Brexit vote http://www.bbc.co.uk/news/business-36644934

Politico, 28.06.16: George Osborne: Brexit plan ‘not our responsibility’ http://www.politico.eu/article/george-osborne-brexit-plan-not-our-responsibility-chancellor/

Politico, 27.06.16: George Osborne’s incredible shrinking act http://www.politico.eu/article/george-osbornes-incredible-shrinking-act-brexit-speech/

EurActiv, 28.06.16: George Osborne: Minister of ‘fear’ http://www.euractiv.com/section/uk-europe/news/george-osborne-minister-of-fear/

Blog: Open Europe, 01.07.16: Markets have been hit hard by Brexit but they have not crumbled – politics has http://openeurope.org.uk/today/blog/markets-hit-hard-brexit-not-crumbled-politics/

Blog: UK in a Changing Europe, 08.07.16: Economics of Brexit: the aftermath http://ukandeu.ac.uk/economics-of-brexit-the-aftermath/

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