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| UK finance minister: We must cut spending & raise taxes | UK finance minister: We must cut spending & raise taxes |
| (35 minutes later) | |
| Ensuring the UK’s fiscal stability is crucial in the wake of the referendum decision to leave the EU, Finance Minister George Osborne said, adding that post-Brexit measures would “absolutely” include cuts in public spending and tax hikes. | |
| "We are in a prolonged period of economic adjustment in the UK, we are adjusting to life outside the EU and it will not be as economically rosy as life inside the EU," he told BBC Radio. "I think we can provide a clear plan." | |
| "We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means," Osborne also said. | |
| Asked if that meant tax rises and spending cuts, he said: "Yes, absolutely." | |
| The minister’s remarks come as the decision to leave the EU has seen markets tumble and sterling plunge to its lowest levels in decades. | |
| DETAILS TO FOLLOW | DETAILS TO FOLLOW |