Brexit vote: Finance ministers meet to discuss impact

Brexit vote: Finance ministers meet to discuss impact

An urgent meeting with Chancellor George Osborne has been called by UK finance ministers from the three devolved governments.

This came after Finance Secretaries Derek Mackay from Scotland, Mairtin O Muilleoir from Northern Ireland, and Mark Drakeford from Wales met in Cardiff.

The finance ministers want to deliberate with the Chancellor on the effects of Brexit on their government's budgets.

Wales voted to leave the European Union, while Northern Ireland and Scotland voted to remain.

In the referendum, 52% of voters in the UK voted to leave the European Union.

The ministers wrote to the Chancellor asking for an “urgent meeting” to deliberate on the repercussions of the Brexit vote.

Mr. MacKay announced after the meeting in Cardiff that the Scottish government was “absolutely committed” to examining all means to remain in the European Union.

He said they were already seeing government proposals to change spending budgets and they had doubts about the economy and investment plans because the impact of Brexit to the UK government finances was unclear.

He added that it was essential that they urgently meet with Mr. Osborne to get answers from the UK government on the effect of Brexit vote on their government’s future budgets.

Due to the uncertainty caused by the Brexit vote on the budget process in Scotland, Mr. MacKay expressed the need for publishing a one-year budget instead of the normal three-year budget for this year.

The Cardiff meeting came as Chancellor George Osborne expressed his will to create a “more outward-looking, global-facing Britain” after the UK voted to leave the European Union. In the coming weeks, Mr. Osborne is set to travel to China, Singapore, and New York for discussions with investors. Chancellor George Osborne wrote in the Wall Street Journal explaining that closer economic ties between the United Kingdom and the United States were in the full interests of the two countries.

 

 

 

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