"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.