The UK's prime minister, David Cameron, has warned of economic trouble ahead for the country after last week's referendum to leave the European Union. But he said the government would not abandon rules on limiting public spending.

"I would say we are in a strong position to meet these challenges because we've paid down so much of our deficit, we've had strong growth and job creation, but I don't belittle at all that the consequences will be difficult, there are going to be some very choppy waters ahead," Cameron said.

The Treasury said the country would have to cut spending and raise taxes to stabilise the economy, after credit ratings agencies downgraded its debt. Last Thursday's referendum wiped a record 3 trillion US dollars off global shares, and sterling fell to its lowest level in 31 years against the dollar. This prompted promises from policymakers to take necessary measures to protect the economy.