Osborne made his first public comments today (June 27) following the referendum vote to leave the EU – the chancellor had been one of the most prominent Remain supporters alongside prime minister David Cameron.

He said he wanted to “reassure the British people, and the global community, that Britain is ready to confront what the future holds for us from a position of strength”.

Osborne admitted that there would be “uncertainty” during the coming months as the UK begins negotiations over a new working and trade relationship with the EU.

“In the meantime, and during the negotiations that will 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,” added the chancellor.

“However, it is already evident that as a result of Thursday’s decision, some firms are continuing to pause their decisions to invest or to hire people.

“As I said before the referendum, this will have an impact on the economy and the public finances – and there will need to be action to address that.”

But Osborne made no mention of having to hold an emergency budget immediately after a Leave vote, despite saying that this would be necessary during the referendum campaign.

He said this should now be left up to the new prime minister, who will not be elected until the autumn.