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Osborne trying to calm UK amid Labour ‘coup’

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
British Chancellor of the Exchequer George Osborne makes a statement at the Treasury in London on June 27, 2016, following the pro-Brexit outcome of the June 23 EU referendum. (AFP)

The UK Chancellor of the Exchequer makes an effort to calm the UK following the recent Brexit vote which has thrown the opposition Labour Party into disarray.  

George Osborne said Monday that despite the UK’s Thursday vote to leave the European Union (EU), Britain is ready to face the future "from a position of strength."

“Britain is ready to confront what the future holds for us from a position of strength,” he said in a statement at the UK Treasury.

"Growth has been robust and employment is at a record high. Our economy is now about as strong as it could be to confront the challenge the country now faces."

However, he admitted that the Brexit vote was not what he had sought for.

Osborne also predicted that Britain's vote to leave the EU would likely lead to further volatility on financial markets.

 “That is not the outcome that I wanted or that I threw everything into campaigning for the people have spoken and we, in this democracy, must all accept that result and deliver on their instructions.”

Osborne is also reportedly delaying the UK’s austerity plan until fall this year when the next government is expected to take over.

Labour ‘Coup’

The Brexit vote has also sent shockwaves through the Labour Party, with some members resigning over what they call as leader Jeremy Corbyn’s “lackluster” approach to the UK’s vote.

British opposition Labour Party leader Jeremy Corbyn leaves his home in London on June 27, 2016.  (AFP)

Almost half of the UK's shadow cabinet has already announced plans to quit in order to force Corbyn to step down, according to media reports.

Also, some Labour lawmakers have said they will resign to add pressure on Corbyn.

Corbyn, however, has so far resisted the waves of pressure, dubbed by UK media as a party ‘coup,’ saying on Sunday that “I am not going to betray the trust of those who voted for me - or the millions of supporters across the country who need Labour to represent them.”

Meanwhile, the Labour leader has announced a number of appointments to replace those who quit on Sunday, promoting several members of his supporters to senior defense and foreign policy roles.

On Thursday, British people voted to quit the EU in a referendum, which saw Britain breaking away from the bloc by a 52-48 margin. The vote has deeply polarized the country and caused mayhem in British politics.

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