British PM Cameron in Damage Control Mode, Touts U.K. Economy
Following results of last Thursday’s referendum on the United Kingdom’s membership in the European Union, British Prime Minister David Cameron said the country is economically stable, and can handle the current situation and challenges that lie ahead.
“We have low, stable inflation,” Cameron said in a statement to the British Parliament. “The employment rate remains the highest it’s ever been. The budget deficit is down from 11% of national income, forecast to be below 3% this year.”
In his address, Britain’s leader said the financial system is “substantially more resilient than it was six years ago.”
“The Treasury, the Bank of England and our other financial authorities have spent the last few months putting in place robust contingency plans,” he said. “The bank stress tests have shown that U.K. institutions have enough capital and liquidity reserves to withstand a scenario more severe than the country currently faces.”
While Cameron does not support the vote to leave the EU, he said the decision by the citizens must be accepted and a deal with the EU reached in February over immigration and finances will be “discarded.” Cameron also spoke to concerns some in Britain’s community may have going forward.
“We can reassure European citizens living here and Brits living in European countries that there’ll be no major changes in their circumstances,” he stated. “Neither will there be any initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.”
Despite volatile markets, future risks as a result of the U.K. referendum and his decision to resign in October, Cameron still believes there is a bright path ahead for the country.
“We should take confidence from the fact that Britain is ready to confront what the future holds for us from a position of strength.”