Osborne appeared to rule out an immediate emergency budget, as he had previously suggested would be necessary in a speech made in the run up to the poll. At that time the Chancellor indicated a vote to leave would result in a £30bn ‘black hole’ in the UK’s finances, and suggested  this would be addressed by tax hikes including a 2p rise on the basic rate of income tax and a 3p addition to the higher rate, plus raising IHT by 5p.

In today’s announcement Osborne said: ‘It is already evident that as a result of Thursday’s decision, some firms are continuing to pause their decisions to invest, or to hire people.

‘As I said before the referendum, this will have an impact on the economy and the public finances – and there will need to be action to address that.’

However, he indicated  this would happen at a later date, given David Cameron’s announcement that he is to stand down.

Osborne said: Given the delay in triggering Article 50 and the Prime Minister’s decision to hand over to a successor, it is sensible that decisions on what that action should consist of should wait for the OBR to assess the economy in the autumn, and for the new Prime Minister to be in place.’

The IOD has released a survey of over 1,000 members in the immediate aftermath of the referendum which found 64% were pessimistic about the leave vote, compared with 23% who think it is positive, with just  9% saying it makes no difference.

A third (32%) say hiring will continue at the same pace, but a quarter (24%) will put a freeze on recruitment, and 5% will make redundancies. One in five (22%) are considering moving some of their operations outside of the UK; only 1% say they will bring operations back.

Simon Walker, IOD director general, said: ‘Businesses will be busy working out how they are going to adapt and succeed after the referendum result. But we can’t sugar-coat this, many of our members are feeling anxious. A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back.’

Over a third (36%) of IoD members say the outcome of last Thursday’s vote will cause them to cut investment in their business, against 9% who say they will increase investment. Just under half (44%) say it will not change their investment plans.

The IOD says the overwhelming priority now for business leaders is that steps are taken to protect the economy from the negative reaction in financial markets, with three-quarters (74%) ranking this first. Next comes securing a new trade arrangement with the EU.

Firms are willing to be patient, with half (51%) thinking getting a good deal should be prioritised over wrapping it up speedily.

Walker said: ‘There is no point crying over spilled milk. We will not lose our faith in the ability of British firms to overcome these obstacles, but these results highlight the importance of the Bank of England maintaining stability in the financial system. It is crucial that the banks do not starve businesses of cash.’

In his speech this morning, Osborne repeated the statement made on Friday by Mark Carney, governor of the Bank of England, that there is £250bn of funds available to continue to support banks and the smooth functioning of markets.