David Cameron resigns as Prime Minister following humiliating EU referendum defeat

By The Press Association24th June 2016News EnglandBrexit, Government / Politics, News England

David Cameron has announced he will quit as Prime Minister by October after a humiliating defeat in the referendum which ended with a vote for Britain to leave the European Union.

The Prime Minister announced his decision outside 10 Downing Street minutes after the markets opened with carnage in the City of London.

More than £100 billion was wiped off the FTSE 100 as the index fell more than 7%, while the pound also crashed 8% against the US dollar.

Flanked by wife Samantha, Mr Cameron said he had informed the Queen of his decision to remain in place for the short term, but hand over to a new Prime Minister by the time of the Conservative annual conference.

“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 said: “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.”

Mr Cameron said he accepted the decision of the electorate, which voted by 52% to 48% 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.

“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 – and the keys to Number 10 – likely to feature Brexit standard-bearer Boris Johnson taking on figures such as Home Secretary Theresa May, who took a low profile in the referendum campaign.

David Cameron’s resignation speech in full

“Good morning everyone, the country has just taken part in a giant democratic exercise, perhaps the biggest in our history.

Over 33 million people from England, Scotland, Wales, Northern Ireland and Gibraltar have all had their say.

We should be proud of the fact that in these islands we trust the people for these big decisions.

We not only have a parliamentary democracy, but on questions about the arrangements for how we’ve governed there are times when it is right to ask the people themselves and that is what we have done.

The British people have voted to leave the European Union and their will must be respected.

I want to thank everyone who took part in the campaign on my side of the argument, including all those who put aside party differences to speak in what they believe was the national interest and let me congratulate all those who took part in the Leave campaign for the spirited and passionate case that they made.

The will of the British people is an instruction that must be delivered.

It was not a decision that was taken lightly, not least because so many things were said by so many different organisations about the significance of this decision.

So there can be no doubt about the result.

Across the world people have been watching the choice that Britain has made.

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.

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.

We must now prepare for a negotiation with the European Union.

This will need to involve the full engagement of the Scottish, Welsh and Northern Ireland governments to ensure that the interests of all parts of our United Kingdom are protected and advanced.

But above all this will require strong, determined and committed leadership.

I’m very proud and very honoured to have been Prime Minister of this country for six years.

I believe we’ve made great steps, with more people in work than ever before in our history, with reforms to welfare and education, increasing people’s life chances, building a bigger and stronger society, keeping our promises to the poorest people in the world and enabling those who love each other to get married whatever their sexuality, but above all restoring Britain’s economic strength.”