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Europe

UK Treasury chief tries to calm markets amid 'Brexit' fears

Associated Press
Published | Updated
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    FILE - In this Friday, June 24, 2016 file photo, a man uses a multi currency ATM in downtown Madrid, Spain. The news of the U.K. vote to quit the European Union is leaving British expatriates filled with fear about their future. Those who have built lives abroad worry what the vote may mean for their property, their pensions and their medical benefits. An estimated 1.2 million Britons live in other EU countries, many of them in France, Spain and Portugal, according to Britain’s House of Commons library. But analysts reckon the true number could be at least double that - and maybe a lot more, because many don't bother registering with their embassies or the local authorities. (AP Photo/Francisco Seco, File) (The Associated Press)

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    In this Friday, June 24, 2016 photo, a group of tourists posing for a photograph in front of the Spanish Parliament is seen through the EU flag in Madrid, Spain. The news of the U.K. vote to quit the European Union is leaving British expatriates filled with fear about their future. Those who have built lives abroad worry what the vote may mean for their property, their pensions and their medical benefits. (AP Photo/Francisco Seco) (The Associated Press)

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    British Chancellor of the Exchequer George Osborne leaves after holding a press conference at The Treasury in London, Monday, June 27, 2016. Treasury chief Osborne sought to calm nerves in the markets Monday, as investors worried about the consequences of Britain leaving the European Union. In his first public appearance since the vote to leave the bloc Thursday, Osborne tried to reassure markets shaken by the result. (Stefan Rousseau/Pool Photo via AP) (The Associated Press)

LONDON – Treasury chief George Osborne has sought to calm nerves in the markets, as investors worry about the consequences of Britain leaving the European Union.

In his first public appearance since the vote to leave the bloc Thursday, Osborne tried to reassure markets shaken by the result, saying "our economy is about as strong as it could be to face this challenge."

Yet, he acknowledged it would not be plain sailing in the days ahead.

The pound fell in Asian markets amid fears of the consequences of the vote. Political turmoil has roiled the country, as the leaders grappled with the question of how precisely the country would separate Britain from the other 27 nations in the bloc.

Germany, Britain and France will be meeting to discuss the decision.