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FT Opening Quote

Summary:
George Osborne has said he is staying on as chancellor and has put off plans for an emergency budget. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here. George Osborne is clinging on as chancellor. In a speech intended to reassure the markets which ended around 7.20am, he was tucking in behind the pro-Brexit vote, saying his duty was to stick around and assist with negotiations on the UK’s departure from the EU. The chancellor said he had spent the last 72 hours talking to the bosses of big financial institutions and figures such as the US Treasury Secretary and the governor of the Bank of England. His conclusion is that the UK can deal with any shocks. There is “a robust contingency plan”, he said, with the Bank ready to pump up to £250bn into the banking system if needed. Ozzy stepped back from the swingeing emergency budget he promised during the referendum campaign, with the elegance of a toreador dodging a charging bull. A budget depends on the selection of a new prime minister, he implied. We do not of course know whether the politician formerly known as Gideon would deliver it. Political journalists are talking up the possibility Mr Osborne may throw in his lot with Boris Johnson if the peroxide opportunist emerges as Tory leader, perhaps as foreign secretary.

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George Osborne has said he is staying on as chancellor and has put off plans for an...

Chris Nuttall
Award-winning journalist with more than 35 years' experience in newspapers, magazines, radio, TV and the internet at local, national and international levels. At the BBC for 17 years and has spent the past 15 with the Financial Times. Served as a foreign correspondent in Sri Lanka, Washington and Turkey as well as in a roving role for the BBC. Turned a late 1980s geeky interest into a professional focus on the internet and technology and was founding World Editor of the BBC News website and the BBC 's first Internet Correspondent.

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