George Osborne: 'Britain is ready to confront what the future holds'

George Osborne has been seeking to reassure financial markets this morning following Britain's decision to leave the EU.

In a speech at The Treasury, the Chancellor said Britain is "ready to confront what the future holds for us from a position of strength" in his first public reaction to Brexit.

He also told journalists that any decision on an emergency budget would need to be taken by David Cameron's successor.

The UK's credit rating outlook was downgraded from "stable" to "negative" on Saturday in the wake of the referendum.