UK PM Cameron says will step down by October after Brexit vote

By Reuters   June 24, 2016 | 02:35 pm GMT+7
UK PM Cameron says will step down by October after Brexit vote
Britain's Prime Minister David Cameron speaks after Britain voted to leave the European Union, outside Number 10 Downing Street in London, Britain June 24, 2016. Photo by Reuters/Phil Noble

Britain's David Cameron said he would resign as prime minister by October after Britons voted in a referendum to leave the European Union.

"I do not think it would be right for me to be the captain that steers our country to its next destination," he told reporters outside his Downing Street office.

The dramatic announcement came after a sharp fall in the pound. The FTSE 100 fell more than 8 percent at the open wiping more than 100 billion pounds ($136.7 billion) off the market cap of the UK's biggest bluechips after the country voted to leave the European Union.

British Prime Minister David Cameron said he would stand down by October after voters decided Britain should leave the European Union, something Cameron had campaigned against.

Following are comments by Cameron who was speaking to media outside his 10 Downing Street residence on Friday:

"I will do everything I can as prime minister to steady the ship in coming months, but I do not think it would be right for me to captain that ship."

"There is no need for a precise timetable today, but we should aim to have a new prime minister in place by the start of Conservative conference in October."

"The cabinet will meet on Monday, the governor of the Bank of England is making a statement about the steps it is taking."

UK stocks reel in post-Brexit selloff, FTSE set for worst day since Lehman

The blue-chip FTSE 100 index was down by around 7 percent in early session trading, its worst one-day percentage loss since October 2008, when global markets slumped in the wake of the collapse of Lehman Brothers.

The mid-cap FTSE 250 index, which is dominated by companies exposed to the domestic British economy, also fell 11.4 percent.

Among the hardest hit stocks were banks, housebuilders and property companies.

Financial services group St James's Place fell 29 percent while housebuilder Barratt Developments slid 26 percent. ($1 = 0.7314 pounds) (Reporting by Sudip Kar-Gupta; Editing by Vikram Subhedar)

G7 deputy finance ministers to hold 1130 GMT Brexit call

June 24 (Reuters) - Deputy finance ministers of G7 nations will hold a conference call at 1130 GMT on Friday to discuss Britain's vote to leave the European Union, a source familiar with the matter said.

Global financial markets plunged on the referendum result, on fears it would hit investment in the world's fifth-largest economy, threaten London's role as a global financial capital and foment uncertainty in the world's biggest trading bloc. (Reporting by Reuters staff)

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