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U.K. to raise taxes, cut spending after Brexit

Jun 28, 2016, 9:51 AM EDT
British Finance Minister George Osborne.
(Source: altogetherfool/flickr)

U.K. Finance Minister George Osborne said that the U.K. will absolutely have to raise taxes and cut spending after Brexit.

The Independent reports:

The next Conservative government will have to cut spending even further and raise taxes to ensure the country can live within its diminished means post-Brexit, George Osborne has said. The Chancellor said it was “very clear” that the country would be poorer following the people’s decision to leave the EU and while ruling out an immediate ‘emergency budget’, he said that the next prime minister would “absolutely” have to inflict further austerity measures on the population. Once seen as the frontrunner to succeed David Cameron as Conservative leader, Mr Osborne’s reputation with the party lies in tatters following the Brexit vote, which he vehemently argued against, and he has ruled himself out from running in the imminent Conservative leadership contest.http://www.independent.co.uk/news/uk/politics/george-osborne-warns-uk-to...

The Express writes:

He then refused to confirm or rule out his successor at the Treasury implementing a new budget in the wake of the momentous decision to leave the EU. Speaking about the country’s decision to vote Leave, he continued: "I certainly regret the outcome. "I fought passionately to remain in the EU and I warned of the economic risks if we left the EU. I am now going to do everything I can to provide this country with a plan in this very difficult situation." The Chancellor, a close personal friend of David Cameron, reiterated he would not stand in the upcoming Tory leadership race due to the divisive role he played in the EU referendum. But in an apparent swipe at Boris Johnson, many people’s favourite to succeed Mr Cameron at No 10, he said: "There are some who want all the benefits of Europe without any of the costs. "That’s not realistic." Mr Johnson had raised the prospect on Monday of Britain retaining its place in the single market.http://www.express.co.uk/news/politics/684016/george-osborne-eu-spending...