One day after Britain voted to leave the European Union, British Prime Minister David Cameron announced his resignation from 10 Downing Street in London Friday morning, saying the country requires fresh leadership to take it in this direction.
“I will do everything I can as prime minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain that steers our country to its next destination” Cameron admitted.
Cameron said it was a decision that he didn’t take lightly and believes it’s in the national interest to have a period of stability and then the new leadership required.
— Times of India (@timesofindia) June 24, 2016
“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” Cameron said.
Cameron indicated the negotiation with the European Union will occur under the next prime minister and said that he would attend the European Council next week to explain the decision the British people have taken as well as his own decision to resign.
Following the news about Britain voting to exit the European Union, the British pound dropped to a 31 year low and European banks saw heavy selling pressure.
Currently the FTSE 100 is trading lower by -4.62 percent.