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Osborne U-turns on budget threats

CHANCELLOR George Osborne backtracked yesterday on his threat to unleash a punishing emergency Budget after a majority of voters chose to leave the European Union.

He said that adjustments to the British economy and taxes would wait until a new Prime Minister takes the helm in autumn following David Cameron swiftly resigning after the referendum.

Leave campaigner Boris Johnson claimed this meant that “Project Fear is over” — referring to the Remain side using the possibility of another recession to boost the chances of a pro-EU result.

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