19:55 GMT +322 October 2019
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    British Prime Minister David Cameron turns to leave after making a statement to the media outside 10 Downing Street in London on February 20 , 2016.

    UK Needs New PM to Take Decisive Action to Reform Public Finances

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    The United Kingdom's public finance sector needs to be reformed in the wake of Brexit, UK Chancellor of the Exchequer George Osborne said Monday.

    MOSCOW (Sputnik) – The United Kingdom needs to have a new prime minister to make further steps to revamp its public finances after the country's decision to leave the European Union, UK Chancellor of the Exchequer George Osborne said Monday.

    "I am saying that there will have to be action to deal with the impact on public finances. But of course it is perfectly sensible to wait and to have a new prime minister to determine what they are like," Osborne stated.

    He added that there would be an adjustment period after the Brexit vote in the coming months, pointing out, however, that London was well-placed to meet the challenge.

    On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union, with over 50 percent of the UK public voting in support of Brexit. Following the vote, UK Prime Minister David Cameron announced that he would resign in October.

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    Britain Says 'Cheerio' to EU (463)

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