Osborne warns of tax increases after Brexit

British Finance Minister George Osborne says the next UK government will have to cut spending even further and raise taxes to ensure the country can live within its diminished means following the historic referendum to leave the European Union (EU).

Osborne, the Chancellor of the Exchequer, said Tuesday it was “very clear” that the country would be poorer after the British exit, known as Brexit.

Speaking on BBC Radio 4’s Today program, he warned that the next British prime minister would “absolutely” have to inflict further austerity measures on the population.

“It’s very clear that the country is going to be poorer as a result of what’s happening to the economy,” he said.

“We are absolutely going to have to provide fiscal security to people, in other words we are going to have to show the country and the world that the country can live within its means.”

Asked if that meant tax rises and spending cuts, he said: “Yes, absolutely. But that…

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