"Unlike eight years ago, Britain’s financial system will help our country deal with any shocks and dampen them – not contribute to those shocks or make them worse."
In a statement today, Osborne said that "only the UK can trigger Article 50, and in my judgement we should only do that when there is a clear view about what new arrangement we are seeking with our European neighbours".
Osborne remained positive about the effect on the financial services industry, stating that "unlike eight years ago, Britain’s financial system will help our country deal with any shocks and dampen them – not contribute to those shocks or make them worse".
Despite this, he said that the UK is likely to see volatility in financial markets and that "it is already evident that as a result of Thursday’s decision, some firms are continuing to pause their decisions to invest, or to hire people".
However he highlighted that the Treasury, the Bank of England, and the FCA have spent the last few months putting in place "robust contingency plans for the immediate financial aftermath in the event of this result".
Osborne continued: "We and the PRA have worked systematically with each major financial institution in recent weeks to make sure they were ready to deal with the consequences of a vote to leave.
"Swap lines were arranged in advance so the Bank of England is now able to lend in foreign currency if needed. As part of those plans, the Bank and we agreed that there would be an immediate statement on Friday morning from the Governor, Mark Carney.
"As Mark made clear, the Bank of England stands ready to provide £250 billion of funds, through its normal facilities, to continue to support banks and the smooth functioning of markets."
He revealed that he had been in continued talks with Carney over the weekend and that they have "further well-thought-through contingency plans if they are needed".
Osborne concluded: "In the last 72 hours I have been in contact with fellow European finance ministers, central bank governors, the managing director of the IMF, the US Treasury Secretary and the Speaker of Congress, and the CEOs of some of our major financial institutions so that collectively we keep a close eye on developments."
