Osborne says UK remains "open for business”

The British Chancellor of the Exchequer attempts to calm Brexit fears

Osborne says UK remains "open for business”

The Chancellor of the Exchequer George Osborne (Press Association)

The British Chancellor of the Exchequer says the UK is ready to react to whatever happens from a position of strength.

In his first post-Brexit public appearance, George Osborne warned that "it will not be plain sailing in the days ahead" but move to reassure the British people and global community that robust contingency plans were in place for the immediate aftermath of the referendum.

He argued that the UK should only trigger procedures to formally leave when they have a clear view of their negotiating position with the EU.

Osborne said:

"We were prepared for the unexpected. We are equipped for whatever happens."

His words come amid unprecedented political and economic upheaval, which has seen sterling plunge to a 31-year low against the dollar, the resignation of Prime Minister David Cameron and a coup against opposition leader Jeremy Corbyn.

The pound fell further overnight as markets opened in Asia, while top economists at investment bank Goldman Sachs predicted Brexit would push Britain into recession early next year.

Additional reporting by IRN