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 start of the Conservative Party conference in October.
Delivering stability will be important and I will continue in post as Prime Minister with my Cabinet for the next three months.
The Cabinet will meet on Monday, the Governor of the Bank of England is making a statement about the steps that the Bank and the Treasury are taking to reassure financial markets.
We will also continue taking forward the important legislation that we set before Parliament in the Queen's Speech.
And I have spoken to Her Majesty the Queen this morning to advise her of the steps that I am taking.
A negotiation with the European Union will need to begin under a new prime minister and I think it's right that this new prime minister takes the decision about when to trigger Article 50 and start the formal and legal process of leaving the EU.
I will attend the European Council next week to explain the decision the British people have taken and my own decision.
The British people have made a choice, that not only needs to be respected but those on the losing side of the argument - myself included - should help to make it work.
Britain is a special country - we have so many great advantages - a parliamentary democracy where we resolve great issues about our future through peaceful debate, a great trading nation with our science and arts, our engineering and our creativity, respected the world over.
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