Osborne says UK economy 'fundamentally' strong despite Brexit turmoil

Chancellor George Osborne finally broke his silence after the UK's decision on Friday to leave the European Union , saying the result would have an impact on the public finances, but the economy was “fundamentally strong”.

In a statement, Osborne said some firms were continuing to “pause their decision to invest or to hire people”.

He also postponed plans to hold an emergency austerity budget, saying instead the Office of Budgetary Responsibility would assess the economy in the autumn after the ruling Conservative Party had elected a new leader.

“The British economy is fundamentally strong, we are highly competitive and we are open for business,” Osborne said.

“I do not want Britain to turn its back on Europe or on the rest of the world. We must bring unity of spirit and purpose and condemn hatred and division wherever we see it. Britain is an open and tolerant country and I will fight with everything have to keep it so.”

Osborne also hinted that he would be taking a view on whether to run for the Tory leadership, saying he would “address my role within that in the coming days”.