An emotional David Cameron has announced his resignation as Prime Minister of the United Kingdom after Thursday’s referendum led to UK leaving the European Union.
The Prime Minister said he accepted the verdict of the ‘great democratic exercise’ which saw Britons in favour of Leave the EU win votes across England and Wales – despite massive support for Remain in Scotland and major cities including London.
But he said 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.’
British currency, the Pound fell to its lowest level against the US dollar for 31 years as traders took fright at the news, and the stock market slumped by 8 per cent within minutes of opening.