John McDonnell MP
“The Chancellor’s statement this morning is to be welcomed in the interests of providing some certainty and stability to financial markets, and some reassurance to ordinary people in this country after days of uncertainty.
“It is reassuring to know that the Chancellor has been in urgent consultation during the weekend with those in the financial services industry, and our international partners. We also welcome the postponement of any contractionary emergency Budget until the fiscal position is made clear.
“Nonetheless, two key issues now need to be addressed by George Osborne. First, that the Treasury and financial authorities have in place interim measures needed to calm market volatility while protecting working people. We appreciate that many of these cannot be made public and so request a cross-party briefing on a Privy Council basis to secure cross-party support. Second, that he can offer interim government support, particularly to more deprived regions, in the event of a continued slide in investment, and those regions at risk of losing EU funding.
“We will get through this period of uncertainty, as Britain has done many times in the past. There are real strengths in our economy, not least our phenomenally talented and dedicated workforce. Nonetheless, volatility continues and there remain grave uncertainties about the UK’s future relationship with our European partners and the wider world. The future direction of the government itself is not yet determined. Labour is prepared, in the national interest, to work with our Parliamentary colleagues to ensure that the best interests of British working people are secured.”