UK's Osborne sees tax rises, spending cuts post Brexit; rules out leadership bid
UK Chancellor George Osborne maintained his view that the government would have to increase taxes and cut spedning to deal with the economic fallout of Brexit.
"It's very clear that the country is going to be poorer as a result of what's happening to the economy," he told the BBC.
"We are absolutely going to have to provide fiscal security to people, in other words we are going to have to show the country and the world that the country can live within its means."
Asked specifically if that meant tax rises and spending cuts, he said: "Yes, absolutely. But that decision will come under a new prime minister - it's obviously not possible while the Conservative Party is having a leadership contest."
Osborne earlier declared he would not run for the leadership of the Conservative Party when Prime Minister David Cameron stands down later this year after Britain voted to leave the EU.
Writing in the Times newspaper, Osborne said he is "not the person to provide the unity my party needs".
"It isn't in my nature to do things by half-measure and I fought the referendum campaign with everything I've got. I believed in this cause and fought hard for it,” Osborne said.
"So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs."
Nominations for the party leadership open on Wednesday and close Thursday. A new prime minister and party leader has to be place by 2 September.
Cameron had said he would quit as prime minister and Conservative leader by October, after the UK voted by 52% to 48% to leave the EU.