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Brexit fallout: UK government seeks calm; Labour party addresses crisis

Amid reports that the UK is going to witness economic tsunami after Brexit, country's government is making efforts to minimize the damage of the country's pending withdrawal from the European Union.

Brexit fallout: UK government seeks calm; Labour party addresses crisis

Opposition Labour Party leader Jeremy Corbyn is dealing with his own Brexit meltdown. Corbyn on Monday announced 10 new cabinet positions due to several resignations over the weekend. The exodus began after the sacking of a key minister by Corbyn. The minister was sacked on charges of plotting a coup.

On Monday morning, ahead of European market openings, UK Treasury chief George Osborne said that Brexit is going to prove harmful for the British economy and government finances. He, however, admitted the outcome of the referendum and said that the government would work towards a smooth transition.

"No one should doubt our resolve to maintain the fiscal stability we have delivered for this country. And to companies, large and small, I would say this: the British economy is fundamentally strong, highly competitive and we are open for business."

In response, Adam Marshall, Acting Director General of the British Chambers of Commerce, said that a clear timetable for exit is needed by businesses.

"While it is prudent for the UK government to delay firing the starting gun on negotiations with the European Union, firms want a clear timetable, and simultaneous action to support the wider economy," he said.

Meanwhile, the Labour Party has confirmed 10 new appointments, including key allies Diane Abbott as shadow health secretary and Emily Thornberry as shadow foreign secretary, who replaces Hilary Benn, sacked after he was accused of plotting a leadership coup.

"Those who want to change Labour's leadership will have to stand in a democratic election, in which I will be a candidate," Corbyn said.