British Prime Minister David Cameron announced in a televised press conference Friday morning in front of his office on Downing Street in London that he plans to resign by October after the final results of the Brexit referendum confirmed a win for the campaign to leave the European Union.
"I do not think it would be right for me to be the captain that steers our country to the next destination," said Cameron.
He said that he does not plan to lay out a "precise timetable" immediately on Friday, but that he believes that a new prime minister should be in place by the start of the Conservative conference in October.
He added that he plans to do what he can to "steady the ship" as the country prepares to take its next steps, adding that "those on the losing side of the argument," including himself," have a role to play.
Cameron said that he will not invoke Article 50 of the governing treaty of the EU to launch the negotiation process, saying he believes that the new prime minister should decide when to do so.
He said that he will meet with his Cabinet on Monday and will continue to do so over the next three months to begin preparing to act on the democratic process of the referendum. "The will of the British people is an instruction that must be followed," he said.
Cameron added that he is proud of his work as prime minister. The leader of the Conservative party was elected for a second term in 2015.
Britain voted in a 51.9 percent to 48.1 percent decision in favor of the Brexit, rocking global financial markets in the early hours of Friday morning.