Britain should not begin the process of pulling out of the European Union until a new Prime Minister is in place, Chancellor of the Exchequer George Osborne has said.

In a message to nervous firms and investors, Mr Osborne stressed the economy was "fundamentally strong'' and "open for business" in his first public address since the UK voted to leave the EU.

Echoing calls by David Cameron, the Chancellor said in a speech that the triggering of article 50 – the formal process that would start Brexit – should be done by a new Prime Minister.

Mr Osborne added that he would address his future role in the Conservative Party "in the coming days''.

The Chancellor's call comes after Boris Johnson – currently the favourite to succeed David Cameron as PM, also said there was no "haste" in starting the irreversible process.

Read more at The Independent.