David Cameron quits as Prime Minister

David Cameron has announced his resignation as Prime Minister after losing the EU referendum vote.

An emotional David told the nation he had been “proud” to serve as PM for the past six years, but he said it would not be right for him to be the “captain of the ship” while the UK negotiated its exit from the EU.

The Prime Minister said he accepted the verdict of the “great democratic exercise” which saw the Leave campaign triumph after stacking up votes across England and Wales – despite massive support for Remain in Scotland and major cities including London.

The Pound nose-dived to its lowest level against the US dollar for 31 years as traders took fright at the news, and the stock market slumped by 8 per cent within minutes of opening. SNP leader Nicola Sturgeon has already raised the prospect of a second independence referendum in Scotland.

Labour leader Jeremy Corbyn is also coming under intense pressure over his role in the botched Remain campaign.

With his wife Samantha by his side, Mr Cameron said he “held nothing back,” in his fight to remain in the EU.

“I was absolutely clear about my belief that Britain is stringer, safer and better off inside the EU,” he said.

“And I made 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.”