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

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."

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.

"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.

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.