2. SOUNDBITE (English) Mike Ingram, market Strategist:
“We think so although he (chancellor of the exchequer ) has had to row back on a lot of what he was saying immediately prior to the Brexit vote. For instance he was one the biggest cheer leaders for so called project fear, he said that there would have to be an immediate emergency budget, this morning he said that is a matter of the new prime minister, that s probably going to be expected in the late autumn. He also said last week that there was no plan B as far as the treasury is concerned. This morning he was saying that in fact there had been contingency planning for months.“
3. Various of brokers on phone
4. SOUNDBITE (English) Mike Ingram, market strategist:
“Hopefully during the course of the next few days see more concrete plans as to what their (politicians) negotiating positions are going to be with the EU and that point we will wait the EU response. Of course, one of the most contentious issues which has arisen over the weekend is the triggering of Article 50, one of the things that George Osbourne mentioned today it is down to the UK to decide when to trigger that despite EU pressure, of course I believe that's a legally correct position but of course the political reality is that pressure will continue to build the longer the Uk doesn’t trigger that particular piece of legislation."
The pound plunged to its lowest level in 30 years on Friday and fell another 2.3 percent against the U.S. dollar on Monday, to $1.3360. Stock markets also declined across Europe.
Britain's Treasury chief George Osborne sought Monday to ease concerns about the vote to leave the European Union, saying the economy is as strong as it could be to face the uncertainty - even as a survey showed many companies are looking to move business out of the country.
In his first public appearance since Thursday's referendum, Osborne stressed that Britain's economy is in a far better position than it was at the start of the 2008 financial crisis.