Keep calm and carry on is the Chancellor’s message to UK firms trading with Europe working with EU staff following last week’s shock victory for Vote Leave.
George Osborne made a statement Monday morning designed to calm the markets and business jitters since the referendum result to leave the EU.
Osborn stated the fact that Article 50 could only be triggered by the UK – not the EU.
Once enacted, there follows a negotiation period on the terms of the UK’s relationship that can last up to two years.
“In the meantime, during the negotiations that follow, there will be no change to people’s rights to travel and work and to the way our goods and services are traded or to the way our economy and financial system is regulated,” he said.
He also kicked the so-called “punishment budget” into the lap of Britain’s next PM.
Before the referendum, Osborne warned of a £30bn package of tax rises and spending cuts should Britain vote to unplug from the EU.
On Monday he called it “perfectly sensible to wait for a new prime minister” before taking any such action.