British Chancellor of the Exchequer George Osborne says Brexit will hurt the British economy and government finances.

Osborne said Monday in his first appearance since Britain voted to leave the European Union on Friday that it won't be easy sailing in the days ahead, but the UK is prepared.

Osborne pointed out that the UK's budget deficit is forecast to be below 3 percent this year. He also said Britain has the strongest major advanced economy in the world.