Chancellor expected to follow Cameron through the exit door after his Project Fear tactics failed
GEORGE Osborne is hanging onto his job by his fingertips in the hope Tory MPs will let him stay on as Chancellor.
Seen as the chief architect of the Remain campaign’s disastrous Project Fear scaremongering, Mr Osborne came under heavy fire from his own side.
Focusing on his hyped up anti-Leave “Emergency Budget”, one MP said it would be “the last document he draws up in Treasury”.
A Brexit backing minister said it was “whisky and revolver time” while another Tory MP declared the Chancellor was “toast”.
But allies said last night that Mr Osborne would say in No 11 as long as David Cameron remained the PM.
They pointed to Mr Cameron’s resignation statement yesterday that stated: “Delivering stability will be important and I will continue in post as Prime Minister with my Cabinet for the next 3 months.”
Yesterday Mr Osborne was nowhere to be seen as the shockwaves from Britain’s Brexit vote rocked Westminster.
The Chancellor instead took to Twitter to speak out about “a hard fought campaign.”
“It is not the outcome I wanted but I respect decision of British people and will do all I can to make it work,” he added.
Mr Osborne’s job was already under threat before Britain went to the polls after more than sixty Tory MPs signed a letter slamming him for scaremongering.
Since his Remain side were thumped in the polls, Mr Osborne’s odds of replacing the PM been slashed to 16/1.
Yesterday Mr Cameron announced his intention to step down in the coming months after Britain voted to leave the European Union.
He said he would be leaving No10 after six years following the historic decision in an emotional statement outside Downing Street.
Mr Cameron said he wanted a new leader to be in place by this autumn’s Conservative conference.
He added: "I do not think it would be right for me to be the captain that steers our country to its next destination."
His remarks came just minutes after the markets opened with carnage in the City of London.
More than £100 billion was wiped off the FTSE 100 as the index fell more than 7%, while the pound also crashed 8% against the US dollar.
David Cameron announced he will be resigning as Prime Minister after the historic result to Leave the EU in yesterday's referendum
Flanked by wife Samantha, the PM said he had informed the Queen of his decision to remain in place for the short term.
"The British people have voted to leave the European Union and their will must be respected," said Mr Cameron.
"The will of the British people is an instruction that must be delivered."
His voice breaking, Mr Cameron said: "I love this country and I feel honoured to have served it and I will do everything I can in future to help this great country succeed."
And he said he thinks the new PM should decide when to trigger Article 50, which formally begins the EU renegotiation process, so he will not be doing it himself.
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Brexit-backing former London Mayor Boris Johnson is as short as evens with bookmakers to succeed his old friend and longtime rival David Cameron as PM.
But he failed to stop to talk to reporters outside his house yesterday, and instead was whisked away into a waiting car to take him to Vote Leave's central London headquarters.
There he met up with fellow campaigners Michael Gove and Gisela Stuart, with the trio speaking to the media after a triumphant night.
Mr Johnson began by paying tribute to his former schoolmate and longstanding rival in the Conservatives, and said he was "sad" he was standing down.
He said Mr Cameron had provided: "Superb leadership of party and country for many years."
The PM had reformed public services, delivered One Nation Conservatism and his own brand of compassion, he added.
Speaking afterwards, Mr Gove said he had "led the country with courage dignity and grace".
The announcement came after a historic decision for a Brexit, with the electorate quitting the EU by 52% to 48%.
Mr Cameron said he accepted the outcome, which has left the country split in half.
While most of England and Wales chose to Leave the EU, voters in Scotland and London overwhelmingly backed Remain.
A massive popular uprising against the capital's elites was credited for the extraordinary result - which defied almost every expert prediction.
Huge swathes of the North, the East coast, the Midlands and rural areas across the south, all backed Out.
The final result saw 17,759,184 Brits vote to leave, while 16,580,508 backed remain.
The shock decision plunged the financial markets into unprecedented chaos, with the pound plummeting by almost 10% across the night - a 31 year low.
But a jubilant Ukip boss Nigel Farage declared: “Let June 23 go down in our history as our independence day.”
Delivering his post EU referendum result speech in London, Mr Farage said: "The EU is failing, the EU is dying and I hope we've knocked the first brick out of the wall.
"I hope this is the first step towards a Europe of sovereign nation states; trading together, neighbours together, friends together - but without flags, anthems or useless old unelected presidents."
He told of rumours that the Netherlands, Denmark, Sweden, Austria and Italy were looking to make their exit from the EU.
Mr Farage then called for the current Government to be replaced with a "Brexit Government" so that negotiations to leave the EU can begin immediately.
Ending his speech with supporters waving Union Jack flags behind him, Mr Farage said that today should be made to be a public bank holiday - called Independence Day.
He added: "There are 183 countries in the world who have independence day - what we have just done is we voted to become the 184th."
It had put major pressure on Mr Cameron's position, prompting him to confirm he would not be staying in No10.
"The country requires fresh leadership to take it in this direction," he said.
"I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I don't think it would be right for me to try to be the captain that steers our country to its next destination."
The Prime Minister's decision to step down has been described as "truly shocking" and a "sad day for the country" by his own ministers.
Cabinet colleagues said they had hoped he would stay on to steer Britain through its renegotiations with the EU.
Speaking on the BBC Radio 4 Today programme, Northern Ireland Secretary Theresa Villiers said: "It's truly shocking news, I think it's deeply saddening.
"As I was just saying only a few minutes ago, I would very much have preferred David Cameron to be steering this country through the next few years.
"I entirely respect his decision but I think it is a sad day for the country that he has decided to stand down."
Her sentiments were echoed by Defence Secretary Michael Fallon, who said the PM believed he was doing the "honourable thing" after the referendum vote.
He told the BBC: "Well of course it is extremely sad news. I would have preferred him to have stayed on and to have helped make this decision work, but it's his decision.
"I think he feels it is the honourable thing to do, the decent thing to do - he lost the argument in the referendum campaign."
Asked who he thought might replace the PM and lead the renegotiations, he said: "That is matter now for the party to elect a new prime minister to be in place for the autumn and to take that forward.
"I think it is a bit too early to start speculating about that, and there is plenty to do now to help make this decision work, to stabilise our economy, to reassure our allies and to continue the programme we were all elected on last year."
It was revealed this morning that one of David Cameron's oldest allies, Lord Feldman, would stand down as Tory chair once the PM goes.
A Conservative spokesperson said: “Andrew Feldman always said that he would serve alongside the Prime Minister for as long as he was needed.
"The Prime Minister has asked him to stay as Chairman of the Conservative Party whilst the leadership campaign takes place.
"He will ensure that the Party Conference is properly delivered in the autumn.
“Lord Feldman will step down when the Prime Minister leaves Downing Street.”
The result confounded both the bookmakers and the pollsters, both of who were backing Remain.
A snap exit poll put the In camp four points ahead, while the final poll by Ipsos MORI gave them a healthy eight-point cushion.
It came after two final pre-voting polls also revealed what seemed to be an eleventh-hour shift back to the status quo.
And the Remain side were feeling confident, after more than 30 million Brits managed to make it to the polls despite terrible weather.
Flooding and storms blitzed much of the south, the Midlands and the east - especially at peak voting times going and coming back from work.
A few polling stations were flooded and had to be closed for hours.
But plucky Brits still queued often in heavy rain to ensure their voices were heard.
A record 46.5 million registered to vote in the landmark In/Out poll, resulting in a massive turnout of 72% after the EU debate set the nation alight.
It was the highest turnout in a nationwide vote in 24 years since the 1992 general election.
Desolate Remain campaign boss Will Straw dubbed the astonishing result “a wake up call for the political and economic elites”.
EU bosses called an emergency meeting in Brussels today, and the White House say President Obama has been briefed on the outcome and will speak with Mr Cameron.
The British people have made a very clear decision to take a different path
Here is David Cameron's full statement on the EU referendum:
The country has just taken part in a giant democratic exercise – perhaps the biggest in our history.
Over 33 million people – from England, Scotland, Wales, Northern Ireland and Gibraltar – have all had their say.
We should be proud of the fact that in these islands we trust the people with these big decisions.
We not only have a parliamentary democracy, but on questions about the arrangements for how we are governed, there are times when it is right to ask the people themselves - and that is what we have done.
The British people have voted to leave the European Union and their will must be respected.
I want to thank everyone who took part in the campaign on my side of the argument, including all those who put aside party differences to speak in what they believed was the national interest.
And let me congratulate all those who took part in the leave campaign – for the spirited and passionate case that they made.
The will of the British people is an instruction that must be delivered. It was not a decision that was taken lightly, not least because so many things were said by so many different organisations about the significance of this decision.
So there can be no doubt about the result.
Across the world people have been watching the choice that Britain has made. I would reassure those markets and investors that Britain’s economy is fundamentally strong.
And I would also reassure Brits living in European countries and European citizens living here that there will be no immediate changes in your circumstances.
There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.
We must now prepare for a negotiation with the European Union.
This will need to involve the full engagement of the Scottish, Welsh and Northern Ireland Governments, to ensure that the interests of all parts of our United Kingdom are protected and advanced.
But above all this will require strong, determined and committed leadership.
I am very proud and very honoured to have been Prime Minister of this country for six years.
I believe we have made great steps, with more people in work than ever before in our history; with reforms to welfare and education; increasing people’s life chances; building a bigger and stronger society; keeping our promises to the poorest people in the world, and enabling those who love each other to get married whatever their sexuality.
But above all restoring Britain’s economic strength, and I am grateful to everyone who has helped to make that happen.
I have also always believed that we have to confront big decisions – not duck them.
That’s why we delivered the first Coalition government in seventy years to bring our economy back from the brink.
It’s why we delivered a fair, legal and decisive referendum in Scotland.
And why I made the pledge to renegotiate Britain’s position in the European Union and hold a referendum on our membership, and have carried those things out.
I fought this campaign in the only way I know how – which is to say directly and passionately what I think and feel – head, heart and soul.
I held nothing back.
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.
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 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.
This is not a decision I have 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 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 is 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.
And while we are not perfect, I do believe we can be a model of a multi-racial, multi-faith democracy, where people can come and make a contribution and rise to the very highest that their talent allows.
Although leaving Europe was not the path I recommended, I am the first to praise our incredible strengths.
I have said before that Britain can survive outside the European Union and indeed that we could find a way.
Now the decision has been made to leave, we need to find the best way, and I will do everything I can to help.
I love this country – and I feel honoured to have served it.
And I will do everything I can in future to help this great country succeed.
He has been one of the most extraordinary politicians of our age
Here is Boris Johnson's full speech after winning the EU referendum:
I want to begin by paying tribute to David Cameron who has spoken earlier from Downing Street, and I know I speak for Michael when I saw how sad I am that he has decided to step down but obviously I respect that decision.
I have known David Cameron for a very long time, and I believe he has been one of the most extraordinary politicians of our age.
A brave and principled man, who has given superb leadership of his party and his country for many years.
Delivering one nation Conservative government, making this country the most dynamic economy in Europe and with his own brand of compassionate Conservative that rightly earned his party the first majority government for decades.
It was his bravery that gave this country the first referendum on the European Union for 43 years.
Today I think all of us politicians need to thank the British people for the way they have been doing our job for us.
They hire us to deal with the hard questions and this year we gave them one of the biggest and toughest questions of all.
Some people are now saying that was wrong and that people should never have been asked in that way.
I disagree, it was entirely right and inevitable and there is no way of dealing with a decision on this scale except by putting it to the people.
Because in the end this decision is about the people, the right of people in this country to settle their own destiny.
The very principles of our democracy, the rights of all of us to elect and remove the people who make the key decisions in their lives.
And I think that the electorate have searched in their hearts and answered as best they can in a poll the scale the like of which we have never seen before in this country.
They have decided it is time to vote to take back control from a EU that has become too opaque and not accountable enough to the people it is meant to serve.
In voting to leave the EU, it is vital to stress there is no need for haste, and as the prime minister has said, nothing will change in the short term except how to give effect to the will of the people and to extricate this country from the supranational system.
There is no need to invoke article 50.
And to those who may be anxious both at home and abroad, this does not mean that the United Kingdom will be in anyway less united, it does not mean it will be any less European.
I want to speak directly to the millions of people who did not vote for this outcome, especially young people who may feel that this decision involves somehow pulling up the drawbridge because i think the very opposite is true.
We cannot turn our backs on Europe we are part of Europe, our children and our grandchildren will continue to have a wonderful future as Europeans, travelling to the continent, understanding the languages and the cultures that make up our common European civilisation, continuing to interact with the peoples of other countries in a way that is open and friendly and outward looking.
And I want to reassure everyone Britain will continue to be a great European power, leading discussions on defence and foreign policy and the work that goes on to make our world safer.
But there is simply no need in the 21st century to be part of a federal government in Brussels that is imitated nowhere else on Earth.
It was a noble idea for its time but it is no longer right for this country.
It is the essence of our case that young people in this country can look forward to a more secure and more prosperous future, if we take back the democratic control which is the foundation of our economic prosperity.
We have a glorious opportunity, to pass our laws and set our taxes entirely according to the needs of the UK, we can control our borders in a way that is not discriminatory but fair and balanced and take the wind out of the sails of the extremists and those who would play politics with immigration.
Above all we can find our voice in the world again, a voice commensurate with the fifth biggest economy on earth.
Powerful, liberal, humane, an extraordinary force for good in the world.
The most precious thing this country has given the world is the idea of parliamentary democracy.
Yesterday, I believe the British people have spoken up for democracy in Britain and across Europe and we can be proud of the result.