Brexit will mean higher taxes, less spending for U.K.

Britain’s top finance official: ‘It will not be plain sailing’

U.K. Treasury chief George Osborne has no doubts: Britain will “absolutely” have to cut spending and raise taxes following its vote to leave the European Union.

“It’s very clear that the country is going to be poorer as a result of what’s happening to the economy,” Osborne told the BBC on Tuesday.

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