In the wake of Britain’s Exit from the EU, British Prime Minister, David Cameron has announced his resignation.
In an emotional speech outside 10 Downing Street, Cameron announced that the cabinet would meet on Monday to draw up a time-table for his exit as leader of the world’s fifth largest economy.
He said he will continue as Prime minister with his cabinet for the next three months, and will step down in time for the Conservative party’s conference.
“I love this country and feel honored to have served it,” Cameron said. “Will of British people must be respected.”
“The British people have spoken….This was not a decision taken lightly. There can be no doubt about the result. I will reassure the markets that British economy is strong. This will require strong leadership. I’ve been proud to be prime minister for 6 years,” he added.
A majority of British voters (51.7 percent) followed the call of Pro-Leave campaigners who had described the vote as an independence from the European Union oppression and bureaucracy that has resulted in mass migration into the island country.
While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed the Remain camp.
With Over 72.2 percent voters’ turnout (last general election in the country has 66.1 percent turnout), many pro-Leave campaigners, led by leader of far-right UKIP party, Nigel Farage and former mayor of London Boris Johnson, are already seeing the referendum as a rejection of the leadership of Mr. Cameron, who campaigned vigorously for Britain to remain in the EU.
Despite a strong showing for the Pro-remain campaign in London and Scotland, majority of British cities voted to quit the EU.
Mr Cameron’s Tory party rival, Boris Johnson, who hasn’t hidden his desire to become PM is seen by many as a possible successor.
On the financial end, the news of the Britain’s exit from the EU caused immediate backlash to the country’s economy as the sterling crashed to 9 per cent against the dollar – its lowest value since 1985.
Financial analysts also fear more debilitating consequences of the decision on the world’s fifth largest economy in the coming days.
“People will be waking up this morning to turmoil in the markets and the pound crashing, and fearing the emergency budget the Chancellor threatened to hike their taxes and cut public services, said shadow chancellor, John McDonnell.
“The Government must now take steps to stabilise the economy, and to protect jobs, pensions and wages. Labour will not allow any instability to be paid for by the working people of this country,” he added.
