http://www.politico.eu/article/david-cameron-resigns-eu-referendum-brexit/David Cameron resigns
The prime minister concedes that he can no longer lead the UK following devastating referendum defeat.
By
Tom McTague
6/24/16, 9:24 AM CET
Updated 6/24/16, 11:59 AM CET
LONDON — David Cameron announced his resignation as prime minister Friday after Britain voted to leave the European Union in a referendum that has sent shockwaves through Europe.
The prime minister, speaking outside Number 10 Downing Street with his wife Samantha, said Britain needed new “strong, determined and committed leadership.”
“I think the country requires fresh leadership,” he announced at just after 8 a.m.
He said the U.K. should aim to have a new prime minister in place by October. The new leader will then trigger Article 50, beginning the two-year process of leaving the EU.
His voice cracking with emotion, the prime minister said: “The British people have voted to leave the European Union and their will must be respected.”
“The will of the British people is an instruction that must be delivered,” he said. “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.”
The prime minister attempted to calm markets by insisting that Britain’s economy remains “fundamentally strong.”
There were also reassuring words for the European citizens in the U.K., and for Brits abroad.
“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,” he said.
He pledged to work over the coming weeks and months to “steady the ship” but insisted that it was right for him to resign. “This is not a decision I have taken lightly, but I do believe it is 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,” he added.
It means Cameron has just three months left in Number 10.
“A negotiation with the European Union will need to begin under a new prime minister,” he said. “I think it is 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.”
Cameron said that he would attend the European Council next week to explain the decision the British people have taken and his own decision to step aside.
On the verge of tears as he wrapped up, he added: “I love this country – and I feel honoured to have served it. I will do everything I can in future to help this great country succeed.”
It is an astonishing turnaround for Cameron, who just 13 months ago became the first Conservative leader to win a majority in 23 years.
George Osborne, the Chancellor of the Exchequer, is also likely to step down, leaving the government teetering on the edge of collapse.
There will be calls for an immediate cabinet reshuffle to bring in senior Brexit leaders, with Boris Johnson and Michael Gove tipped for big promotions, alongside Andrea Leadsom, Priti Patel and Liam Fox.
A Conservative leadership election will follow in the summer.
Cameron’s statement is likely to increase turmoil in the markets, which had already tanked on opening Friday.
Shares in the state-owned bank RBS fell 34 percent. The FTSE opened 7 percent down, the Dax crashed 10 percent.
Johnson, the favourite to succeed Cameron, is expected to make a statement at 11 a.m., U.K. time.
Other leading contenders include Home Secretary Theresa May, Energy Minister Andrea Leadsom and leading Brexit campaigner Priti Patel. Dominic Raab, another Brexit supporter, is likely to throw his hat into the ring.
Cameron’s announcement gives 150,000 Tory members the power to choose the next prime minister.
