Reuters, 28/06 17:22 CET
By Michael Holden and Elizabeth Piper
LONDON/BRUSSELS (Reuters) –
European leaders told Britain on Tuesday to act quickly to resolve the
political and economic chaos unleashed by its vote to leave the European
Union, a move the IMF said could put pressure on global growth.
Financial markets recovered slightly after the result of
Thursday’s referendum wiped a record $3 trillion off global shares and
sterling fell to its lowest level in 31 years, but trading was volatile
and policymakers said they would take all necessary measures to protect
their economies.
British Finance Minister George Osborne, whose attempt to
calm markets had fallen on deaf ears on Monday, said the country would
have to cut spending and raise taxes to stabilize the economy after a
third credit ratings agency downgraded its debt.
Firms have announced hiring freezes and possible job cuts, despite voters’ hopes the economy would thrive outside the EU.
European countries are concerned about the impact of the
uncertainty created by Britain’s vote to leave on the 27 other EU member
states. There is little idea of when, or even if, the country will
formally declare it is quitting.
“The process for the United Kingdom to leave the European
Union must start as soon as possible,” French President Francois
Hollande said. “I can’t imagine any British government would not respect
the choice of its own people.”
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Source: euronews.
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