Osborne: Banks Will Help Smooth Market Volatility

Chancellor George Osborne has said that "Britain’s financial system will help our country deal with any Brexit shocks and dampen them – not make them worse"

Emma Wall 27 June, 2016 | 8:55AM
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Chancellor George Osborne’s pledge this morning to protect stock markets from volatility has been an instant success – with the FTSE 100 opening just 0.7% down on Monday morning, compared to the predictions of 3%.

In his first speech since it was revealed on Friday that Britain had voted to leave the European Union, Osborne said that although volatility was to be expected, he would be working with the Treasury, the Bank of England, the Financial Conduct Authority and the country’s major financial institutions to help quell any fallout.

“In the last 72 hours I have been in contact with fellow European finance ministers, central bank governors, the managing director of the IMF, the US Treasury Secretary and the Speaker of Congress, and the CEOs of some of our major financial institutions so that collectively we keep a close eye on developments,” he said.

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Emma Wall  is former Senior International Editor for Morningstar

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