David Cameron said he could not be the 'captain of the ship' while the UK negotiated its exit from the EU
The British Prime Minister, David Cameron has announced his resignation after the historic EU
referendum delivered clear backing for Brexit.
He said he accepted the verdict of the 'great democratic exercise' which saw the Leave campaign triumph after stacking up votes across England and Wales - despite massive support for Remain in Scotland and major cities including London.
The British pound fell to a 31-year low on Friday, its lowest since 1985, as the United Kingdom (UK) voted to leave the European Union (EU).
With 85.3 percent of all results in, the UK has voted to leave EU: 51.6 percent, representing 14,159,480 votes are for leaving the EU, while 48.4 percent, which represents 13,268,066, voted to stay.
Flanked by wife Samantha in Downing Street, David Cameron said he had been 'proud' to serve as PM for the past six years. But he said it would not be right for him to be the 'captain of the ship'while the UK negotiated its exit from the EU.
'I held nothing back. I was absolutely clear about my belief that Britain is stringer, safer and better off inside the EU. And I made the referendum was about this and this alone – not the future of any single politician including myself.
'But the British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction,' he said.
Cameron who is choking back emotions, said he would not depart immediately and would seek to calm the markets over the coming 'weeks and months', adding that a new Prime Minister should be in place for the Conservative Party conference in October.
'I will do everything I can as Prime Minister to steady the ship over the coming weeks and months but I do not think it would be right for me to try to be the captain that steers our country to its next destination.
‘This is not a decision I have taken lightly but I do believe it is in the national interest to have a period of stability and then the new leadership required.
‘There is no need for a precise timetable today but in my view we should aim to have a new Prime Minister in place by the start of the Conservative Party conference in October.’
'Delivering stability will be important. And I will continue in post as Prime Minister with my cabinet for the next three months.
'The Cabinet will meet on Monday, the Governor of the Bank of England is making a statement about the steps the Bank and the Treasury are taking to reassure financial markets.
'We will also continue taking forward the important le3gislation we set before parliament in the Queen’s Speech – and I have spoken to Her Majesty the Queen this morning to advise her of the steps that I am taking,' he said.
