Britain will need to address and charter a course for improving its relationship with the world’s largest trading block before it can deal with the aftershock of its historic decision.

As per Britain’s independent budget regulator, the publication of next month’s long term forecasts of public finances have been cancelled in the wake of growing uncertainties following Britain’s historic decision to leave the European Union, which have cast aspersions on its future relation with the EU.

However, the Office for Budget Responsibility has said it will still publish medium-term forecasts during autumn since it was requested to do so by George Osborne, Britain’s finance minister.

“Given the timing and result of the referendum, and the current uncertainty around our future relationship with the EU, producing (long-term) projections based on our March forecast would not necessarily be very informative,” said the Office for Budget Responsibility in a statement.

It went on to add that it hopes to produce long-term projections either later this year or early next year.

Categories: Economy & Finance, Regulations & Legal, Strategy

Tags: Brexit, Britain, George Osborne, impact, Office Budget Responsibility, public finances, United Kingdom