UK Prime Minister David Cameron announced on Friday that he will be steeping down from office by October when Britons voted in a referendum to leave the European Union, disregarding his pleas not to.

In a statement issued just outside his Downing Street office in London, the PM said, “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’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,” he added.

Mr. Cameron who was quite filled with emotion during his speech said there should be ‘a new leader by the time his Conservative Party holds its annual conference in October’.

He went on, “I think it’s right that this new Prime Minister takes the decision about when to trigger article 50 and start the process of leaving the EU.”

The exit has placed the country on a risky trail and resulted in the British Market nose-diving with a 31-year low in its largest fall ever on record. UK stock investments are also facing a possible plunge at the market open after Britons voted to exit the European Union.