The British Chancellor of the Exchequer has insisted the UK's 'open for business' after the country voted to leave the EU.

George Osborne's spoken publicly for the first time since last Thursday's referendum - in an attempt to calm fears on the markets.

He says it's 'inevitable' the economy will need to adjust, but insists Britain's finances are fundamentally strong.

Mr Osbourne would not address his own future saying that is a matter for the coming days 

The pound's continued to drop against the US dollar following the result of last week's referendum.  

Sterling dropped more than 2 percent as trading reopened in Asia.

It's also trading down against the euro.  Mr Osbourne said the government will manage the situation.

Meanwhile the leader of the British Labour party Jeremy Corbyn says he regrets the fact that 11 of his shadow cabinet ministers have resigned over the last 24 hours.

In a statement, he's made it clear he won't be stepping aside as leader.

David Ward from The Communication Workers Union who supports Mr Corbyn says he should be given more credit by those who've left.