United Kingdom Treasury Chief George Osborne sees the a post-Brexit Britain as one with more taxes, less spending, and no chance of a balanced budget. Before the vote, the Treasury had plans to achieve a budget surplus by the end of the decade, but following the vote, Osborne has shifted his perspective, asserting instead that Britain needs to remain tough on deficit, but also stay real about the possibility of a budget surplus. Osborne also warned before the vote that, should Brexit pass, the UK would need a budget of $42.6 billion per year in order to fill the hole that would be created as a result of the loss of foreign money. However, many were skeptical of the Treasury official’s motives, and dismissed him as a fear-monger.

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