The referendum is not legally binding, so the leaving EU process does not initiate until the prime minister invokes Article 50 of the Lisbon treaty. The Lisbon treaty is an international agreement which establishes the constitutional basis of the EU.
Today, at the House of Commons, David Cameron made it clear he will not trigger the Article 50, leaving that responsibility to the next appointed prime minister.

Prime Minister David Cameron addressed the House of Commons, in the aftermath of the EU referendum and answered the MPs’ questions. After the referendum result, the British Pound plunged to a 31-year low against the dollar. Several racist attacks have also been reported, and rating agencies (Poor’s and Fitch) downgraded the country and gave it a negative outlook.

“The British people voted to leave the EU. It was not the result I wanted, nor the outcome that I believed is best for the country I love. But there can be no doubt about the result.”

David Cameron’s statement at the House of Commons.

Mr. Cameron classified the new negotiation with Europe as “challenging”, with “adjustments within our economy” and with “complex constitutional issues” ahead.

Hate Crime Spike Following The EU Referendum Results

“No immediate change in circumstances for EU migrants in the UK”

David Cameron’s statement at the House of Commons.

A recent spike in hate crimes has been reported since the EU referendum result. The Police have already confirmed racially motivated crimes at a Polish community center, as well as other physical and verbal xenophobic acts against ethnic minorities. David Cameron stated that “we have a fundamental responsibility to bring our country together” and “let’s remember these people have come here and made a wonderful contribution to our country. We will not stand for hate crime or these kinds of attacks. They must be stamped out.”

Who’s to Negotiate The Strategy And Terms of The UK’s Exit From The EU

“The deal we negotiated at the European Council in February will now be discarded and a new negotiation to leave the EU will begin under a new Prime Minister.”

David Cameron’s statement at the House of Commons.

Mr. Cameron is to stand down as prime minister by October, and “all of the key decisions” would wait for his successor.

UK’s PM revealed he had talks with Chancellor Merkel, President Hollande and a number of other European leaders about “the fact that the British government will not be triggering Article 50 at this stage.” <...> “We need to determine the kind of relationship we want with the EU. And that is rightly something for the next Prime Minister and their Cabinet to decide.”

“We are leaving the EU but we must not turn our back on Europe and the rest of the world.”

David Cameron’s statement at the House of Commons.

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