David Cameron announces that he will step down as Prime Minister

David Cameron, who led the ill-fated Remain campaign throughout the Brexit referendum, has announced his intention to step down as leader of the Conservative Party and Prime Minister of Great Britain.

Cameron, whose cause was beaten by 52% to 48%, made the announcement outside his home at 10 Downing Street, saying "he will do everything [I] as Prime Minister to steady the ship over the coming months, but I do not believe I should be the captain to steer us to our next destination." He went on to say that the party should aim to have a new leader in place by the Conservative Party conference which will take place in October. Cameron also did his best to reassure the markets that the British economy is fundamentally strong, something currently thrown into question by the collapsing pound. Assurances over the circumstances of immigrants currently living in the UK were also given, with Cameron saying that there would be no immediate impact on travel or those working in the UK. The process of exiting will take two years minimum, and Cameron himself will not start the process, meaning Britain will not start to pull out of the EU until October 2016 at the earliest.