His announcement comes in the wake of the country voting to leave the European Union (EU). The Conservative Party leader, who had been campaigning for Britain to remain within the EU delivered an emotional speech on Friday (24Jun16) outside the Prime Ministerial residence, Number 10 Downing Street.

In the address Cameron, 49, acknowledged defeat in Thursday's (23Jun16) "Brexit" referendum and announced that he felt the country should seek "fresh leadership" to negotiate an exit from the EU.

"I was absolutely clear about my belief that Britain is stronger safer and better off inside the European Union and I made clear the referendum was about this and this alone not the future of any single politician, including myself," he said.

"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.

"I will do everything I can as Prime Minister to steady the ship over the coming weeks but I do not think it would be right for me to be the captain to take our country to its next destination.

"This is not a decision I've taken lightly, but I do believe it is in the national interest to have a period of stability and then the new leadership required.

"There is no need for a precise timetable today but in my view we should aim to have a new Prime Minister in place by the end of the Conservative Party conference in October (16)."

The announcement marks the end of Cameron's six year premiership which started in May 2010 and 14 months after he won the U.K. general election again.

Frontrunners to replace him as the leader of the Conservative Party and therefore Prime Minister include former London mayor Boris Johnson and British Home Secretary Theresa May.