David Cameron announces that he will step down as Prime Minister 5 years ago

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 Conversative Party and Prime Minister of Great Britain.

Cameron, whose cause was beaten by 51.9% to 48.1%, made the announcement outside 10 Downing Street.

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"I will do everything 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 said.

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 value of the British 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 as well as promising the same to UK nationals living elsewhere in the EU.

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The process of exiting will take two years from the point that the UK officially announces its intentions to leave as per Article 50 of the Lisbon Treaty, 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.