Tax rises and spending cuts will be needed to deal with the economic challenges facing the United Kingdom after the country voted to exit the European Union, U.K. Chancellor of the Exchequer George Osborne said. "We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means," he told BBC radio. 

"We need a plan as a country to get ourselves out of this, while respecting the decision of the British people," he said. "We have extensive contingency plans for the financial stability consequences of Brexit and we spent a long time preparing those plans." Britons voted 52-48 in a historic referendum to leave the EU. Prior to the vote, Osborne had warned a "Leave" vote will have to be followed with tax rises and spending cuts worth 30 billion pounds.