In his first public comments since announcing his resignation plans, British Prime Minister David Cameron said Monday the United Kingdom will not enter into formal talks to exit the European Union at this point.
In a move dubbed the Brexit, or British exit, the U.K. voted last week to leave the 28-nation bloc. Cameron, who had led the campaign to keep Britain in the EU, said he would resign by October and let his successor to decide when to invoke Article 50, which triggers a departure from the EU.
Cameron spoke Monday to the House of Commons, saying the referendum result is "not the outcome I think is best for Britain" but must be respected and implemented in the "best possible way."
The Conservative Party leader said there will be no immediate changes for EU citizens now living in the U.K.
He said an EU exit will be "far from plain sailing" for Britain's economy, but added that U.K. financial institutions have "robust" plans and can withstand the uncertainty of a Brexit.
Meanwhile, the leaders of Germany, France and Italy said there can be no negotiations with Britain on the country's departure until London has formally declared its intention to quit.
German Chancellor Angela Merkel said, "we agree there will be no formal or informal talks" with Britain until Article 50 has been invoked.
Merkel spoke Monday in Berlin after meeting with French President Francois Hollande and Italian Premier Matteo Renzi.