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After Brexit, David Cameron announces resignation as UK PM

“‘Triggering’ … could either be a letter to the president of the European Council or an official statement at a meeting of the European Council duly noted in the official records of the meeting”, a spokesman for the council of EU leaders said.

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People in favor of remaining in the bloc argued that leaving it would risk the UK’s prosperity, diminish its influence over world affairs, and result in trade barriers between the United Kingdom and the EU. This could get interesting, as a majority of the 650 members of the House of Commons favor remaining in the EU. “I respect the decision made by the people of the United Kingdom”, he said in a statement, adding that the two countries’ “special relationship is unaffected by this vote”.

So as Britain’s voters chose to leave the European Union, they may have inadvertently made the decision to leave a lot more than that in the dust.

In announcing his resignation by October, Cameron said it should be his successor who leads the negotiations under Article 50 of the EU’s Lisbon Treaty which sets out a two-year timeframe to leave.

But British Prime Minister David Cameron, who resigned Friday as the inevitable outcome of the result he opposed, said he would leave the decision on when to start the withdrawal process to his successor.

“I will do everything I can 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”.

The British government said in a report in February that it could take up to 10 years to tie up all the loose ends.

He campaigned strongly for people to vote to remain in the European Union, but he was defeated. The British people have expressed their wish to leave the EU. The web of associations and agreements that held Great Britain to the European Union will have to be carefully cut and new ones established. The process calls for Conservative lawmakers to winnow candidates down to two choices who will then be voted on in a postal ballot of party members.

Speaking in Berlin after the meeting, Jean Asselborn said he hoped there would be no “cat and mouse” game now and that Britain would invoke Article 50 of the European Union charter, which allows for a country to leave. But political pressure and economic instability may force British politicians to act more quickly than they had hoped.

German Chancellor Angela Merkel struck a conciliatory note, saying it “shouldn’t take forever” for Britain to deliver its formal notification of leaving.

Appearing at a Leave press conference, both men paid tribute to Mr Cameron and said they were sorry he was stepping down.

Prime minister Malcolm Turnbull told the Coalition election campaign launch on Sunxday the Brexit had caused “shock waves” and was a reminder of volatility in the global economy.

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How and when Article 50 is invoked, and the negotiation process that follows, is all uncharted territory.

Brexit leave vote shakes global financial markets