Regulation  

Cameron quits

Cameron quits

Prime minister David Cameron has said he will stand down in October but wanted to reassure markets that the UK economy was “fundamentally strong.”

David Cameron said he will stand down as prime minister as “the country requires different leadership” to negotiate the UK’s exit from the European Union.

He confirmed Article 50 would not be triggered immediately as he felt the nation needed someone else to do this.

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No state has left the European Union before, and the rules for exit – contained in Article 50 of the Treaty of Lisbon – are brief.

Mr Cameron made the announcement in a statement moments ago outside Downing Street after the final result was announced.

He said he would attempt to “steady the ship” over the coming weeks and months.

He had urged the country to vote Remain, warning of economic and security consequences of an exit, but 52 per cent voted to ditch the European Union yesterday (23 June).

England and Wales voted strongly for Brexit, while London, Scotland and Northern Ireland backed staying in.