"Instead, as Chancellor, I will be 100% focused on providing the economic stability and reassurance Britain needs."
Writing in The Times, Osborne said: “Instead, as Chancellor, I will be 100% focused on providing the economic stability and reassurance Britain needs. And I will do all I can to support the new prime minister in bringing our party back together and tackling the country’s challenges.
“Britain has a great task now to make its new position in the world work. Let’s be confident that whatever difficulties confront us as we negotiate it, we do so from a position of hard-won strength."
Yesterday, Osborne said that decisions on what action should be taken following the outcome of the EU referendum "should wait for the OBR to assess the economy in the autumn, and for the new Prime Minister to be in place".
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".
