Outgoing U.K. Treasury Chief Secretary To His Replacement 'There's No Money Left'

london UK

Is it really this bad?

On his first day of work, the new incoming chief secretary of the U.K. treasury, David Law, was greeted with the following note from his outgoing predecessor:

“Dear Chief Secretary, I’m afraid to tell you there’s no money left.”

Mr. Law described the note as ‘honest’, according to Bloomberg.

He has a lot of work to do.

Don’t miss: The European countries that are doomed to be the next Greece >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.