A WORCESTERSHIRE MP today insists the banking sector is "well placed" to survive Brexit - telling industry leaders the Government is prepared for the fallout.

Harriett Baldwin, a minister in the Treasury, has delivered a major speech to a trade conference about the referendum implications today.

During her remarks, made during a British Banking Association retail conference in London, she said the banks had been through "trying times before" and gone on to prosper.

The Tory MP, who campaigned long and hard for Remain, said: "British banks are well placed to manage the uncertainty resulting from the last week's vote.

"Since the financial crisis in 2008, both the Government and the industry have been working hard to ensure the UK has a safer and stronger banking sector."

She also said in recent months ministers have put in place contingency plans in the event of Brexit.

"So not only is the industry prepared for this outcome, policy makers are ready to respond to it," she added.

"Now I don’t need to tell you that the UK’s financial system is intricate and complex.

"But behind all the technical terminology and statistics is a critical social determinant - confidence.

"Confidence in our financial system and confidence in its institutions - we must not let that confidence be shaken.

"The UK is the most international, most experienced financial centre in the world."

"And I want to leave you with this message- the British economy is fundamentally strong, we are highly competitive and we are open for business."

The West Worcestershire MP saw her constituency back Leave alongside all six parts of the county last week.

It comes as David Cameron warned of "choppy waters" ahead for the UK economy in the House of Commons today.

The Prime Minister told MPs that the warnings of market instability and damage to the UK made by the Remain camp during the referendum campaign were now coming to pass.

While Britain was in a strong position to deal with economic difficulties, it would be wrong to "belittle" the scale of the challenges ahead, he said.

"There are going to be some very choppy waters ahead," he said.

"I don't resile from any of the warnings I made during the referendum campaign, but we have got to work through this.

"There is no doubt in my mind these are going to be difficult economic times."

OTHER EU STORIES TODAY