Prime Minister David Cameron says he will resign by the fall and insists the British people’s will must be respected after voters chose to leave the 28-nation European Union.
“I do not think it would be right for me to be the captain that steers our country to its next destination,” Cameron told reporters outside 10 Downing Street just before 8:30 a.m. in London.
Cameron, in power for six years, said he will resign by the time of the Conservative party conference in the fall.
“I held nothing back,” he said. “I was absolutely clear in my belief that Britain was stronger, safer and better off inside the European Union … but the British people have made a very clear decision to take a different path.”
Cameron said he had spoken to Queen Elizabeth II about the steps he was undertaking.
British stocks are plunging as the market opens as investors scramble to react to the news. The pound has hit a 31-year low.
Cameron sought to re-assure investors and markets that “Britain’s economy is fundamentally strong.”