David Cameron resigns following Brexit

Barack Obama David Cameron

David Cameron is out. By October, Cameron intends to step down as British Prime Minister following the Brexit vote to leave the European Union.

He will remain as Prime Minister through the transition, but will step down in favor of a new leader to begin establishing a new type of relationship with Europe and the rest of the world.

The next Prime Minister be the person to initiate Article 50 to begin the process of leaving the EU.

According to Telegraph:

Britain has voted to leave the European Union, with the Leave campaign securing around 51.8 per cent of the vote.

David Cameron has resigned as Prime Minister in an emotional speech outside 10 Downing Street.

While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed Remain. Statements are expected to be made by Sinn Fein and the SNP later today calling for a breakaway from the Union. London backed Remain but the turnout was lower than expected because of bad weather.

The pound crashed to the lowest level since 1985 as sterling fell below $1.35. Complacency about a Brexit outcome will come clear this morning, as out of hours trading suggests that the FTSE 100 will drop by 8.8pc, or by some 560 points. The fall would be the third worst in history if stocks ended the day down as sharply.

Reactions to the development have been mixed. Many in his Conservative party have asked him to stay, but he chose his timing based upon the ability for the party to pick a new leader at their October conference.

The world will watch carefully as the repercussions of both the Brexit and Cameron’s resignation start taking shape.

Michio Hasai

+Michio Hasai is a social strategist and car guy. Find him on Facebook, Twitter, and Pinterest.