Chancellor George Osborne has warned Tax rises and Spending cuts


Chancellor George Osborne has warned that Tax rises and spending cuts will be needed within months to deal with economic challenges following the vote to leave the EU, George Osborne has warned.
The Chancellor said predictions about the impact on public finances “have started to be borne out by events” – including falls in the value of the pound and markets.
He said: “We are absolutely going to have to provide fiscal security to people – in other words we are going to have to show the country and the world that the country can live within its means.”