David Cameron to stand down "by October" in wake of Brexit vote

PRIME MINISTER David Cameron has announced he is to resign, within hours of the UK public choosing to vote to leave the European Union.

Speaking outside Downing Street, Mr Cameron said: “A negotiation with the European Union will need to begin under a new prime minister and I think it’s right that this new prime minister takes the decision about when to trigger Article 50 and start the formal and legal process of leaving the EU.

“I will attend the European Council next week to explain the decision the British people have taken and my own decision.

“The British people have made a choice, that not only needs to be respected but those on the losing side of the argument – myself included – should help to make it work.”

He sought to offer reassurance to those people who could be most affected by the referendum result.

“I would reassure those markets and investors that Britain’s economy is fundamentally strong and I would also reassure Britons living in European countries and European citizens living here there will be no immediate changes in your circumstances,” he said.

“There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.”

The Prime Minister will continue in position in the short term but expects there to be a new leader of the Conservative Party, and the country, by the time his party holds its annual conference in Birmingham in the autumn.

Mr Cameron added: “This is not a decision I’ve taken lightly but I do believe it’s 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.”