Friday 24 June 2016 8:24 am

David Cameron will step down as Prime Minister by October

Prime Minister David Cameron has announced his resignation after the UK voted to leave the European Union.

Speaking this morning, Cameron said he would continue in office for a short spell, and hoped for a new Prime Minister to be in place by the time of the Conservative Party conference in October.

He added that it would be up to his successor to decide when the UK should trigger the departure processes through Article 50, the formal mechanism for leaving the EU, which some have suggested could be delayed for several months. 

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Cameron said that, having argued forcefully for the UK to remain inside the EU, it would be inappropriate for him to lead exit negotiations.

"I fought this campaign in the only way I know how, which is it to say directly and passionately what I think and feel – head, heart and soul," Cameron said.

"I held nothing back. I was absolutely clear about my belief that Britain is safer, stronger and better off inside the European Union.

"The British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction," he said.

Read More: Britain votes for Brexit: Bank makes contingency plans

"I do not think it would be right for me to be the captain that steers our country to the next destination."

He added that the process would require "strong, determined and committed leadership", noting that it would also necessitate the full engagement of the Scottish, Welsh and Northern Irish governments.

And Cameron also sought to reassure the businesses both inside and outside of the UK, describing Britain's economy as "fundamentally strong" and saying that little would change immediately on the ability of firms to trade across Europe.