Russian President Vladimir Putin and Indian Prime Minister Narendra Modi congratulated new British Prime Minister Theresa May on Thursday.

The foreign policy spokesman for German Chancellor Angela Merkel's party in Parliament said Thursday that many British suggestions on the country's future relationship with the European Union are "unworkable".

The new Chancellor said the vote to quit the European Union has had a chilling effect on the British economy but there will be "no emergency budget".

"My position is that I respect how people in other parts of the United Kingdom voted, I hope the Prime Minister will respect how people in Scotland voted".

Another new department is that of global trade, indicating the importance of striking new trade agreements in the wake of Brexit, and the man in charge will be Liam Fox - who had also been among the contenders for the post of Conservative party leadership.

High-profile Brexit campaigner Priti Patel took Greening's old job while former energy minister Andrea Leadsom, another "Leave" proponent who was May's last rival for leader to throw in the towel on Monday, moved to environment and food.

London's strategic advantage in global finance as an English speaking gateway to the European market hinges on "passporting" arrangements that allow the provision of financial services across borders.

Work and pensions minister Stephen Crabb, who had also sought the prime minister's job, resigned citing family reasons, days after the married politician had hit the front pages for allegedly sending flirtatious WhatsApp messages to a young woman.

A one-time chairman of the Conservative Party, Daviswas favoured by some to become its leader in 2005, only to lose out to David Cameron.

"The prime minister explained that we would need some time to prepare for the negotiations", the spokeswoman said.

Steinmeier said that "Britain remains an important partner" with which Germany must work at the U.N., NATO, in the Group of Seven and in efforts to end Syria's civil war.

"Economic uncertainty lingers", it said.

May herself had sided with Cameron in trying to keep Britain inside the European Union, so she now need to reach out to the winning "Leave" side in order to heal divisions and show her commitment to respecting the popular vote.

She then entered Number 10 and began a reshuffle which started with Osborne being told he would not be a part of the new government and was being replaced by former Secretary of State Philip Hammond.

With his wife, Samantha, and their three children beside him, the outgoing prime minister gave an emotional address before going to Buckingham Palace to deliver his resignation to the Queen.

Liz Truss, the previous environment secretary, replaced Gove as justice secretary and Justine Greening, who had been the secretary for global development, was named the new education secretary.

Juergen Hardt said that "free access to the common market means, among other things, accepting other fundamental freedoms such as the freedom of movement".

Later in the day Thursday, Hammond is slated to meet with Bank of England governor Mark Carney to discuss the British economy moving forward.

Hammond was one of Prime Minister Theresa May's first appointments, and one of his immediate tasks was to take to the airwaves in hopes of offering calming tones of reassurance to the markets and the general public about the economy.