LONDON (Sputnik) — Earlier in the day, former UK Chancellor of the Exchequer Kenneth Clarke predicted that in the wake of Brexit the United Kingdom was at real risk of falling into recession before the end of 2016.
"As our economy now adjusts to reflect the referendum decision, it is clear we will do so [leave the European Union] from a position of economic strength," Hammond wrote on his Twitter account.
Earlier this week, Moody’s Investors Service said in a report that the health of the United Kingdom’s overall economy and its banking system was expected to gradually decline as the nation’s exit from the European Union proceeded.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
