Chancellor George Osborne said an emergency post-Brexit budget was unlikely to happen until a new prime minister is in place.

In his statement, Mr Osborne said he had held talks over the weekend with Bank of England Governor Mark Carney as well as fellow finance ministers and international economic organisations and that "further well-thought through contingency plans" were in place if needed.

He said: "It will not be plain sailing in the days ahead. But let me be clear - you should not underestimate our resolve."

"We were prepared for the unexpected and we are equipped for whatever happens. And we are determined that, unlike eight years ago, our financial system will help our country deal with any shocks and dampen them, not contribute to those shocks or make them worse."

The assurances did not stop fresh warning from business about the likely consequences of last week's momentous vote to withdraw from the EU.

Estate agent Foxtons issued a profit warning and said that the upturn it had expected in the second half of the year is "now unlikely to materialise", adding that annual earnings will be "significantly lower" than in 2015.

The budget airline easyJet also pointed to a host of events that will see it take a £28 million hit following two months of turbulence, adding that Brexit would also have a negative impact on the airline.