Statement outside Downing St

Cameron resigns as Prime Minister following Euro vote

Cameron resignsDavid Cameron today announced his resignation as Prime Minister.

Speaking outside Number 10 following victory for the Leave campaign in the European Referendum vote, he said: “I held nothing back. I was absolutely clear about my belief that Britain was better off inside the European Union.

“But the British people have made a clear decision to take a different path.

“It would not be right for me to be the captain steering the country to its next destination. We should aim to have a new Prime Minister in place by the time of the Conservative Party conference.”

He said: “The will of the British people is an instruction that must be delivered.”

Mr Cameron said Britain is a special country and respected the world over. Now the decision had been made to leave the EU it was necessary to find the best way.

He said the negotiations with the EU should take place under a new Prime Minister who would choose the right time to trigger Article 50 which is the process required to resign membership.

His voice breaking, he said: “I love this country and I feel honoured to have served it.”

Mr Cameron’s successor is likely to be chosen from the Brexit supporters with Boris Johnson as the favourite, but Michael Gove another contender. Home Secretary Theresa May is also likely to throw her hat in the ring.

There is also talk of a general election, either in the autumn or next year, as predicted by Daily Business last week.

Labour leader Jeremy Corbyn was also coming under pressure for what critics regard as an underwhelming performance during the campaign.

Mark Carney, governor of the Bank of England, reassured the markets that the economy is strong and well capitalised.Mr Carney said it will “take some time” for the UK to establish new relationships with Europe and the rest of the world.

“We are well prepared for this,” he said, explaining that “extensive contingency planning” had taken place, involving the Chancellor.

He added that the Bank had up to £250 billion at its disposal to maintain financial stability.

“The Bank of England will not hesitate to take additional measures as required,” he said.

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