Britain’s Prime Minister to resign; won’t lead EU talks

Britain's Prime Minister David Cameron speaks outside 10 Downing Street, London as his wife Samantha looks on Friday, June 24, 2016. Cameron says he will resign by the time of party conference in the fall after Britain voted to leave the European Union after a bitterly divisive referendum campaign, according to tallies of official results Friday. (Lauren Hurley/PA via AP)

LONDON (AP) – Prime Minister David Cameron says he will resign by the fall and insists the British people’s will must be respected after voters chose to leave the 28-nation European Union.

Cameron says there can be no doubt about the result of Thursday’s historic vote but that he is not the “captain” that will steer the ship through difficult negotiations with the EU.

He says he will resign by the time of the Conservative party conference in the fall.

British stocks are plunging as the market opens as investors scramble to react to the news. The pound has hit a 31-year low.

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