While the global market eagerly awaits outgoing UK PM David Cameron's address to Parliament on Monday after a weekend of political turmoil that left Britain looking rudderless following the shock vote to leave the European Union, this morning Chancellor George Osborne made his first statement since the EU referendum in a bid to calm the turmoil in financial markets that has followed the UK's vote to leave the EU last Thursday.

As Open Europe summarized, Osborne stressed that the UK government is "ready to deal with the consequences" and that the UK economy is strong. However, he also warned that there will need to be "a period of adjustment" and that "there is going to be an impact on public finances", although he said any new budget would be a job for the new government. He insisted he doesn't "resile" from any of the forecasts made during the campaign. He added that he agreed with the decision to delay triggering Article 50 of the EU Treaties – which sets out the process for leaving the EU.

It is unclear if the decision to delay the trigger, a process the EU wants implemented immediately, is to spook the UK population further in hopes of a second Brexit vote, one which would result in a "Remain" outcome.

Still, despite Osborne's "attempt to calm the markets", the pound resumed its historic slide in the wake of the UK's decision to leave the EU, touching a fresh 31-year low despite as turmoil in financial markets persisted, with numerous UK bank and other stocks halted due to excess volatility.