David Cameron resigns: Prime Minister announces he will step down after dramatic Brexit result

Robin de Peyer24 June 2016
WEST END FINAL

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David Cameron dramatically announced his resignation as Prime Minister hours after Britain voted to quit the EU.

Speaking on the steps of Number 10 after the result sent shockwaves through Europe, Mr Cameron said the country requires "fresh leadership".

But he said there is "no need for a precise timetable" for his departure but said a new Prime Minister should be in place by the Conservative Party conference in October.

"The British people have voted to leave the European Union and their will must be respected," said Mr Cameron. "The will of the British people is an instruction that must be delivered."

His voice breaking, Mr Cameron added: "I love this country and I feel honoured to have served it and I will do everything I can in future to help this great country succeed."

Support: Samantha Cameron joins her husband outside Downing Street this morning 
Phil Noble/Reuters

Mr Cameron said he accepted the decision of the electorate, which voted by 52 per cent to 48 per cent to quit the EU.

He said he would leave it to his successor to invoke Article 50 of the Lisbon Treaty, which kicks off the two-year process of negotiating a new trade relationship with the UK's former partners.

Exit: Mr and Mrs Cameron return to No10 after the Prime Minister announced his resignation
Daniel Leal-Olivas/PA

"The country requires fresh leadership to take it in this direction," said Mr Cameron. "I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I don't think it would be right for me to try to be the captain that steers our country to its next destination."

His announcement will trigger a battle for the Conservative leadership after months of blue-on-blue infighting during the EU referendum campaign.

Former London Mayor Boris Johnson is expected to be a frontrunner in a field also likely to feature Home Secretary Theresa May.

Leave wins EU referendum - in pictures

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The PM praised the Leave campaign as "spirited and passionate" and moved to reassure global markets during his resignation.

His announcement came as the FTSE 100 took a pummelling, falling by almost 10 per cent within minutes of opening.

It came despite more than 50 MPs - including pro-Leave campaigners - joining a "save Dave" campaign in a doomed bid to keep the PM in his job.

Meanwhile, European Council president Donald Tusk said Britain's "historic" vote should not provoke hysterical reactions.

Mr Tusk said he was fully aware of how dramatic a moment it is and warned that it was impossible to predict what happens next.

He said: "There's no hiding the fact that we wanted a different outcome of yesterday's referendum.

"I am fully aware of how serious or even dramatic this moment is politically.

"And there is no way of predicting all the political consequences of this event, especially for the UK.

"It is a historic moment but for sure not a moment for hysterical reactions.

"I want to reassure everyone that we are prepared also for this negative scenario.

"As you will know the EU is not only a fairweather project."

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