As pound continues to plummet, U.K. Treasury chief tries to calm everyone down
Even as Britain's pound plummeted to a 31-year low, U.K. Treasury Chief George Osborne remained optimistic about the state of the economy post-Brexit. In his first appearance since the historic decision Thursday to leave the European Union, Osborne assured Britain on Monday that its current situation was nowhere near as bad as it was in 2008, at the start of the financial crisis. "It will not be plain sailing in the days ahead," Osborne said. "But let me be clear: You should not underestimate our resolve. We were prepared for the unexpected."
Osborne's speech came as the British pound traded at around $1.320 early Monday morning, slightly down from Friday when it dropped to $1.3224 — the lowest the currency has fallen in 31 years. The Associated Press reports that some companies are rumored to be planning a Brexit of their own, and "looking to move business out of the country." Meanwhile, stock markets across Europe have declined.
Despite the situation, Osborne promised Monday that he would not impose an austerity budget. Following Britain's vote Thursday, he said that he has been working with Bank of England Governor Mark Carney, as well as "fellow financial ministers and international organizations," The Associated Press reports. "We are prepared for whatever happens," Osborne said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Post Office's Capture software to be reviewed over 'glitches'
Speed Read Solicitor representing accused postmasters says flaws in the IT system follow 'very similar pattern' to Horizon
By Arion McNicoll, The Week UK Published
-
How would we know if World War Three had started?
Today's Big Question With conflicts in Ukraine, Middle East, Africa and Asia-Pacific, the 'spark' that could ignite all-out war 'already exists'
By Harriet Marsden, The Week UK Published
-
Death Cafe: where people talk mortality over tea and cake
Why everyone's talking about The meet-ups are intended to offer a judgement-free and respectful space to discuss the end of life
By Chas Newkey-Burden, The Week UK Published
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescue
Speed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
By Sorcha Bradley, The Week UK Published
-
More than 2,000 dead following massive earthquake in Morocco
Speed Read
By Justin Klawans Published
-
Mexico's next president will almost certainly be its 1st female president
Speed Read
By Peter Weber Published
-
North Korea's Kim to visit Putin in eastern Russia to discuss arms sales for Ukraine war, U.S. says
Speed Read
By Peter Weber Published
-
Gabon's military leader sworn in following coup in latest African uprising
Speed Read
By Justin Klawans Published
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published