The U.K.’s finance minister, George Osborne, has said it is inevitable that Britain’s economy will have to adjust to the outcome of the Brexit referendum, but he ruled out an immediate emergency budget. Speaking early Monday, the Chancellor of the Exchequer said the Treasury response will not come until the fall, even as he warned that there will be an impact on the U.K.’s public finances from the vote to leave the European Union. Osborne is seen as attempting to calm financial markets shaken up after the surprise referendum result. “It will not be plain sailing in the days ahead,” he said, but stressed the U.K. is in a position of strength. “We are equipped for whatever happens,” he added, noting that he has spoken to Bank of England Governor Mark Carney and that the BOE, the Treasury and the Financial Conduct Authority have Brexit contingency plans in place. FTSE 100 futures , which were down 1.9% ahead of the speech, pared losses as Osborne spoke to a drop of about 1.5%. The FTSE 100 opened 0.8% lower. The pound traded at around $1.34, unchanged.
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