Chancellor tries to calm markets after Brexit vote: 'We are open for business'

LONDON -- Chancellor George Osborne tried to calm markets following the shocking Brexit referendum results in his first post-vote statement.

In a bid to reassure the British people and the global market, Osborne said Britain's economy "is about as strong as it could be to face this challenge."

"Britain is ready to confront whatever the future holds for us," he said, adding that contingency measures and "swap lines" have been put in place. 

He said it's "inevitable" that Britain will have to adjust to the new situation but indicated there will be no immediate emergency budget. 

"Leaving the EU was not the outcome that I wanted or campaigned for, but now that democracy has spoken we must act on that result," Osborne said. "I will fully respect that result."

The Chancellor also waded into the controversy regarding Article 50, which is the procedure that governs how a member state leaves the EU. 

Osborne said Article 50 should be triggered only when there is "a clear view about what relationships the UK is seeking with our European neighbours."

"Given the delay in triggering Article 50 and the Prime Minister’s decision to hand over to a successor, it is sensible that decisions on what that action should consist of should wait for the OBR to assess the economy in the autumn, and for the new Prime Minister to be in place," he said.

“We are open for business,” Osborne added.

The EU is pushing for Britain to call for formal exit talks to be launched as early as Tuesday. Martin Schulz, the president of the EU parliament, told Germany's Bild newspaper:  “We expect the British government to deliver now. The summit on Tuesday is the appropriate moment to do so". 

However, David Cameron said in his resignation speech that he would leave the task to his successor. 

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