BRUSSELS (AP) — The Latest on Britain's vote to leave the European Union (all times local):

11:20 a.m.

British treasury chief George Osborne says tax rises and spending cuts are inevitable now that the country has voted to leave the Europe Union.

Osborne says his stark predictions about the impact on the public finances "have started to be borne out by events" such as a tumbling pound and spiraling markets. Osborne told the BBC that it is very clear "that the country is going to be poorer."

Osborne stood by predictions that a new austerity budget would need to be implemented, but says that will have to wait until a successor is chosen for Prime Minister David Cameron.

Cameron has announced he will resign in the fall to allow a new leader to take negotiations forward for Britain's exit.

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11:15 a.m.

The Dutch presidency of the European Union is mounting pressure on Britain to make haste with its withdrawal from the bloc after last week's referendum.

Dutch Defense Minister Jeanine Hennis-Plasschaert told a special session of the EU parliament that "No one, no one, will benefit from a period of prolonged limbo. The ball is in London's court."

She said that "cool heads must now prevail" to chart the way ahead. Britain has said it might not officially start the talks to withdraw for months. Hennis-Plasschaert acknowledged that the U.K. needs time, given the political chaos in the country. Yet she wants to make the transition as short as possible.

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11:10 a.m.

London Mayor Sadiq Khan says the capital needs more autonomy to adjust to the new reality of Britain leaving the European Union.

In a speech to business leaders Tuesday, Khan says that more autonomy is needed to protect the economy from the uncertainty ahead. Khan says he isn't "asking for London to get a bigger slice of the British pie," only for Londoners to "get more control over the slice of the pie we already get."

Khan wants the devolution of fiscal responsibility including tax-raising powers, as well as more control over business and skills, housing and planning, transport, health, policing and criminal justice.

Though London has some independence, city leaders do not have the same powers as other global cities, such as New York.

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11 a.m.

German Chancellor Angela Merkel says she will use "all her strength" to prevent the European Union from drifting apart in the wake of Britain's decision to leave the trade bloc.

In an address Tuesday to Parliament before she heads to Brussels to meet with other leaders, Merkel said expected that Britain would want to maintain "close relations" with the EU once it leaves, but also signaled that it could not expect a business as usual approach.

"Whoever wants to leave this family cannot expect to have no more obligations but to keep privileges," she said.

Merkel reiterated that there can be no talks with Britain on leaving the EU until Britain starts formal procedure to leave.

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10:45 a.m.

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The EU Commission chief says he is banning any informal and secretive negotiations on a British exit until the nation formally notifies it wants to leave the European Union in the wake of last week's referendum vote.

Jean-Claude Juncker told a special session of parliament that "I want the UK to clarify its position, not today, not tomorrow at 9 am, but soon. We cannot allow ourselves to remain in a prolonged period of uncertainty."

Britain has indicated it might not officially notify for several months, perhaps until October, leaving the 27 other nations in political limbo. Yet Juncker refuses to start talks with London before that.

He said there will be no secret meetings between UK, national governments and commissioners in the corridors. "I ban that," Juncker said.

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10:30 a.m.

The Dutch presidency of the European Union is mounting pressure on Britain to make haste with its withdrawal from the bloc after last week's referendum.

Dutch Minister Jeanine Hennis-Plasschaert told a special session of the EU parliament that "No one, no one, will benefit from a period of prolonged limbo. The ball is in London's court," she said.

She said that "cool heads must now prevail" to chart the way ahead. Britain has said it might not officially start the talks to withdraw for months now. Hennis-Plasschaert acknowledged that the UK needs time, given the political chaos in the country. Yet she wants to make the transition as short as possible.

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10:15 a.m.

Prime Minister David Cameron will be meeting European Union leaders in the first session since the U.K. voted to leave the 28-nation bloc.

Cameron will discuss the implications Tuesday of the Brexit vote as markets gyrated. He has insisted the vote won't send the economy into a tailspin, even as the country was stripped of its top credit rating and stock markets.

Calling the vote a "seminal event" that "will lead to a less predictable, stable and effective policy framework" Standard & Poor's knocked the U.K.'s sovereign rating by two notches on Monday, from AAA to AA. Hours later, Fitch Ratings followed suit.

The impact of the vote is shaking this nation of 64 million. Cameron has announced his resignation and challengers are lining up to replace him