British PM Cameron will resign by October after Brexit vote

"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.

UK Prime Minister David Cameron said that the country needs fresh leadership after the Brexit referendum and a new prime minister should assume office by October.

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," Cameron told reporters.

"I will do everything I can don't think 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," he added, Sputniknews.com reports.

"This 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. In my view we should aim to have a new prime minister in place by the start of the Conservative Party conference in October," he said.

Cameron's problem all along was that he led a party deeply divided over Europe. The Conservatives were riven by internal splits following the signing of the Maastricht Treatyin 1992, which moved the European Economic Community towards the EU as it is today. The split between the pro-EU and anti-EU Conservatives led to the party losing the next election, in 1997, and staying out of power for 13 years.

Once back in power - albeit in coalition with the Liberal Democrats - in 2010, Cameron faced calls to bring more powers back from Brussels to London. There was growing support for Brexit within his own party and there was growing support for anti-EU party UKIP. Thus, Cameron was forced to promise an In-Out referendum to settle the issue.

Read more