George Osborne on Brexit vote: 'I respect decision of British people'

"Respect": George Osborne admitted he was disappointed with the outcome but said he had respect for the decision
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Jamie Bullen24 June 2016
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Chancellor George Osborne has spoken out after Britain voted to leave the EU in an historic referendum that has sparked political and financial chaos across the world.

Mr Osborne, who campaigned for Britain to stay in the European Union, was criticised when he warned Britain faced tax hikes and spending cuts if a Brexit vote was delivered.

On Friday, he admitted he was disappointed with the outcome but added he had “respect” for the decision.

In a series of tweets, he also said the Treasury and the Bank of England were keeping a close eye on the markets following a day of turmoil.

More than £45 billion was wiped off the FTSE 100 despite an afternoon rally as it recovered from heavy losses minutes after the index opened.

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Mr Osborne also said he had been in contact with European finance ministers who also had “respect” for the decision.

He tweeted: “Just briefed G7 finance ministers and bank governors on outcome of EU referendum. They all respect the decision of the British people

“Discussed with G7 colleagues market consequences of UK's decision to leave EU. @hmtreasury and @bankofengland monitoring situation closely

“G7 central banks have taken steps to ensure adequate liquidity and to support functioning of markets

“It was a hard fought campaign. It is not the outcome I wanted but I respect decision of British people and will do all I can to make it work.”

Attention could now shift to whether Mr Osborne is a potential successor to David Cameron by becoming the next Prime Minister following his dramatic resignation earlier today.

However, his odds have lengthened following the Brexit vote which is thought to be a major blow to his leadership ambitions.

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