BREXIT: Pounds Appreciates As UK Prime Minister Announces Resignation After Referendum

EU countries

PRIME Minister of the United Kingdom, David Cameron has offered to step down from office as leader of the UK after losing in the just-concluded European Union (EU) referendum.

Cameron said he would continue in his current capacity for the next three months but he would not be the prime minister to lead the nation through these times

“The British people have voted to leave the EU and their will must be respected. The will of the British people is an instruction that must be delivered. There can be no doubt about the result,” Cameron said in a speech on Friday...

“Across the world people have been watching the choice that Britain has made. This will require strong, determined and committed leadership. I am very proud to have been Prime Minister of this country for six years. I have held nothing back.

“I was absolutely clear about my belief that Britain is stronger, safer and better off inside the European Union. And I made clear the referendum was about this and this alone, not the future of any single politician, including myself.

“But 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.

“I will do everything I can as prime minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain that steers our country to its next destination.

“This is not a decision I have taken lightly. But I do believe it’s in the national interest to have a period of stability and then the new leadership required.

“There is no need for a precise timetable today. But in my view we should aim to have a new prime minister in place by the start of the Conservative party conference in October.”

According to reports, immediately after Cameron’s speech, Mark Carney, governor of the Bank of England, gave his speech, which immediately led to an appreciation of the British pound. Carney said the bank was prepared for the

departure of UK from the EU, assuring the country and foreign investors that it will not hesitate to inject £250 billion into the economy to keep it steady if need be.

The British pound prior to the speech was £1 to $1.38 but closed at £1 to $1.36 by the end of the speech. Boris Johnson, a Brexit campaigner and member of parliament, is according to sources being tipped to replace Cameron in October.

The European Union is a political-economic union of 28 member states that are located primarily in Europe covering an area of 4,324,782 km² (1,669,808 sq mi), with an estimated population of over 508 million. It operates through a hybrid system of supranational and intergovernmental decision-making.

Its institutions are the European Council, the Council of the European Union, the European Parliament, and the European Commission. Others are the Court of Justice of the European Union, the European Central Bank, and the European Court of Auditors.