A reminder than UK's Osborne speaks at the top of the hour

27 June 2016, 08:12
Sherif Hasan

UK finance minister George Osborne makes a statement at 06.00 GMT before UK markets officially open 27 June 2016

Eamonn gave you the heads-up earlier.

We can expect Osborne ( a Remain campaigner and under pressure to resign, as his PM has done) to try and calm the markets in the wake of Brexit.

Given that it's his first official statement since the UK voted Leave it's not unreasonable to speculate that it might contain his own resignation but that may be a little churlish at this time when markets have had quite enough shocks to deal with for the moment.

As part of his Remain campaign Osborne threatened cuts to pensions and welfare in what he argued would be a necessity to recoup funds into the national pot. Ironically it was these threats and others in the same vein that helped drive voters to Leave rather than frighten them to Remain.

Meanwhile the pound is treading water after the Asian gap lower while we wait to see what Osborne comes up with. GBPUSD 1.3401 EURGBP 0.8224.

Needless to say I remain (ironic pun intended) a pound seller in the rallies as the uncertainty post-Brexit continues.

UK fin min Osborne - More cuts to come in the wake of Brexit?

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