"We are in a prolonged period of economic adjustment in the UK, we are adjusting to life outside the EU and it will not be as economically rosy as life inside the EU," he told BBC Radio 4.
We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means.
– CHANCELLOR GEORGE OSBORNE
Asked if that meant tax rises and spending cuts, he said: "Yes, absolutely."
This is excellent news, just what the country needs! I'm so pleased to be paying more tax, and having less money spent on vital services throughout the country! It's exactly what 52% of the country voted for! Isn't it? (sorry, I meant 52% of 72% of the country).