Key Brexit campaigners need to 'go away on holiday' before they can draw up a plan for Britain's future outside the EU, the Vote Leave campaign chief has said.

Matthew Elliott, chief executive of the successful Leave campaign, said the likes of Boris Johnson, and Michael Gove - who will play central roles in the next Government - should have 'informal discussions' and allow the 'dust to settle' before returning in October to plot a new way forward.

But although an immediate and detailed strategy for the upcoming negotiation process was lacking, he insisted there was 'very much a plan' about the 'long term' direction of Britain.

Matthew Elliott (pictured), chief executive of the successful Vote Leave campaign, said key Brexit campaigners need to 'go away on holiday' before they can draw up a plan for withdrawing from the EU

The UK's future 'doesn't lie with what is a failing Eurozone, but lies with the wider world, being a free trade nation, working with countries right across the world and not being an insular nation,' Mr Elliott said in an interview with CNBC today.

He praised David Cameron and other ministers for deciding not to trigger Article 50 of the Lisbon Treaty - the formal process for leaving the EU - until a comprehensive plan for talks are in place.

And he insisted Ukip leader Nigel Farage should not have a role in negotiations with the EU.

Mr Farage 'played a role getting the referendum,' Mr Elliott said, but he said the process of negotiating Britain's withdrawal from Brussels needs to be done by the governing Tory party.

The likes of Boris Johnson (right), and Michael Gove (left) - who will play central roles in the next Government - should have 'informal discussions' and allow the 'dust to settle' before returning in October to plot a new way forward, according to Vote Leave campaign chief Matthew Elliott

Mr Elliott's suggestion that key players need a holiday before formal negotiations can start will infuriate Brussels officials, who demanded Britain triggers Article 50 immediately.

But Europe is split in its approach to the negotiations with the UK, with German Chancellor Angela Merkel appealing for calm and saying the process should not be rushed.

European Commission President Jean Claude Juncker has faced calls to quit over his failure in stopping Brexit, while European Parliament President Martin Schulz said he wants Britain to leave as soon as possible to avoid other nations demanding to follow the UK out of the exit door.

WHAT HAPPENS NEXT? THE TWO YEAR PROCESS OF LEAVING THE EU To leave the EU Britain must trigger Article 50 of the Lisbon Treaty - the legal process for quitting the 28 nation bloc. That starts the clock on a two-year period during which we negotiate a new set of arrangements in areas such as trade, justice and reciprocal visas. The UK can leave earlier than that if terms are easily found. But if there is no deal by the end of the time we will be outside without any special provisions - meaning much higher trade tariffs. Instead we could try to force the EU to strike a deal without imposing a time limit - but that may depend on whether other states are willing to play ball. European commission president Jean-Claude Juncker has already warned that 'deserters' will not be treated kindly. But leaders will have to navigate the whole process as they go because quitting the EU is an unprecedented move. Only semi-independent Greenland has quit the EU before, and that was 30 years ago when the island had a population of just 56,000. It can be argued that Algeria left too - when it stopped being part of France in the 1960s. But having been a member for 43 years, the process of untangling Britain from the complex network of institutions in Brussels is likely to take the maximum two years. If a new deal fails to be agreed in the time period, Britain's trading relationship with the EU will revert to World Trade Organisation terms - seen as the most basic and the ones used for Russia's trading relationship with Brussels. Advertisement

Appealing to political figures not to rush the negotiations, Mr Elliott said: 'I don't think we need to rush this process, during the campaign there was talk about triggering article 50 and its process of leaving the EU right away, literally Friday morning, and I think quite rightly the PM has paused on that which allows the dust to settle, allows people to go away on holiday, have some informal discussions about it, and then think about it come September/October time.'

To leave the EU Britain must trigger Article 50 of the Lisbon Treaty - the legal process for quitting the 28 nation bloc.

That starts the clock on a two-year period during which we negotiate a new set of arrangements in areas such as trade, justice and reciprocal visas.

The UK can leave earlier than that if terms are easily found.

But if there is no deal by the end of the time we will be outside without any special provisions - meaning much higher trade tariffs.

But insisting there was a wider, more long-term plan for life outside the EU, Mr Elliott added: 'There very much is a plan.

'This has been a long term debate, not a rushed decision for the UK, where we feel that essentially our future doesn't lie with what is a failing Eurozone, but lies with the wider world, being a free trade nation, working with countries right across the world and not being an insular nation.'

His remarks came as Brexit champion Mr Johnson declared 'Project Fear is over' this morning as he sought to reassure Britain that pensions were safe, the pound and markets were stable and told the nation: 'That's all very good news'.

He struck a notably conciliatory tone as he heaped praised on George Osborne for his 'reassuring' statement to calm the markets this morning and his decision to cancel plans for an emergency budget.

Mr Johnson spoke outside his north London home this morning after effectively launching his leadership bid by appealing to pro-EU supporters in his party and the wider public.

He softened his tone by rowing back on several key arguments he made in favour of Brexit before the EU referendum and hopes it will persuade Mr Osborne to back his leadership campaign.

The Chancellor, who made an early morning statement to calm the markets before they opened at 8am, is set to play a decisive role in the upcoming Tory contest to replace David Cameron.

Mr Johnson has reportedly offered offered him the job of Foreign Secretary if he supports his campaign as he is desperate to fend off a tough challenge from Theresa May, the Home Secretary.

'Project Fear is over,' declares Boris as he tells Britain: 'Pensions are safe, the pound and markets are stable - it's all good news'

Boris Johnson declared 'Project Fear is over' today as he sought to reassure Britain that pensions were safe, the pound and markets were stable and told the nation: 'That's all very good news'.

He struck a notably conciliatory tone as he heaped praised on George Osborne for his 'reassuring' statement to calm the markets this morning and his decision to cancel plans for an emergency budget.

Mr Johnson spoke outside his north London home this morning after effectively launching his leadership bid by appealing to pro-EU supporters in his party and the wider public.

He softened his tone by rowing back on several key arguments he made in favour of Brexit before the EU referendum and hopes it will persuade Mr Osborne to back his leadership campaign.

The Chancellor, who made an early morning statement to calm the markets before they opened at 8am, is set to play a decisive role in the upcoming Tory contest to replace David Cameron.

Mr Johnson has reportedly offered offered him the job of Foreign Secretary if he supports his campaign as he is desperate to fend off a tough challenge from Theresa May, the Home Secretary.

Boris Johnson (pictured outside his north London home this morning) declared 'Project Fear is over' as he sought to reassure Britain that pensions were safe, the pound and markets were stable and told the nation: 'I think that's all very good news'

Theresa May (pictured left arriving at today's Cabinet meeting) Boris Johnson (pictured right as he left his home today) are battling each other to win over George Osborne (pictured middle as he arrived to deliver a pre-markets speech this morning), who is set to play a decisive role in who wins the leadership contest

Mr Johnson told reporters this morning outside his home in Islington, north London: 'I think it is very good news that the chancellor has come out and said some reassuring things to the markets.

'It is clear now that project fear is over, there is not going to be an emergency budget, people’s pensions are safe, the pound is stable, markets are stable, I think that is all very good news.'

He was speaking after effectively launching his leadership bid this morning in his weekly Telegraph column, praising Mr Osborne's stewardship of the economy over the last six years and putting it in a state that can withstand the uncertainty caused by Thursday's shock Brexit vote.

Striking a conciliatory tone, he moved to heal the wounds in the Tory party after months of bitter infighting over the EU.

He and fellow Brexit-backer Michael Gove, who is acting as his campaign manager, want to avoid a sour leadership contest and are trying to convince Mr Osborne and his allies to unite behind him.

CHOOSING A PM: HOW THE CONSERVATIVE LEADERSHIP ELECTION WORKS David Cameron announced he is resigning as Prime Minister when he made his post-Brexit statement in the early hours of Friday morning alongside his wife Samantha The leadership election is a two-stage process - first Conservative MPs have their say, then members of the party all around the country are able to vote. If there are two or more candidates, all Tory MPs vote on who they prefer, with the bottom candidate in each round being eliminated until only two are left. The final two then make their pitch to members of the party in a straight head-to-head contest, with the winner determined by postal voting. The exact timescale is unclear, but David Cameron said today that he wants his successor in place by the time of the party conference in October, meaning that the process will have to begin within weeks. Only full members of the party who pay their £25 subscription are entitled to vote - unlike in Labour's leadership contest, where supporters could register for just £3. Advertisement

The Chancellor is set to play a decisive role in who wins the upcoming leadership contest triggered by David Cameron's resignation as Prime Minister on Friday and it is likely to come down to choosing between Mr Johnson and his main obstacle to Number 10 - Mrs May.

Mr Cameron said he hopes a new Prime Minister will be in office by the start of the Conservative party conference at the start of October.

In his newspaper column this morning Mr Johnson began to set out his manifesto for Tory leadership and vision for post-Brexit Britain.

He appealed to pro-EU supporters in his party and the wider public by rowing back on several key arguments he made in favour of leaving the EU during the referendum campaign.

Britain should still have access to the EU's single market, he wrote in his weekly Telegraph column this morning and he said UK citizens will 'still be able to go and work in the EU; to live; to travel; to study; to buy homes and to settle down.'

By doing so he is also offering an olive branch to Mr Osborne and his pro-Remain allies and intriguingly he hailed the Chancellor for his record in office.

'Thanks in large part to the reforms put in place by David Cameron and George Osborne, the fundamentals of the UK economy are outstandingly strong,' he wrote.

Mr Johnson and his close allies, who met for their first war council yesterday to plot strategy, are attempting to woo Mr Osborne and could offer him the post of Foreign Secretary, according to The Times.

Allies of the Chancellor told the newspaper that Mr Osborne would demand to become foreign secretary in return for supporting Mr Johnson, although reports of a deal were firmly denied last night.

The former Mayor of London, along with Michael Gove as his campaign manager, want to avoid another sour battle at the top of the Tory party by assembling a 'dream team' to fend off Home Secretary Theresa May, who posses the biggest threat to Mr Johnson's hopes of becoming PM.

Mr Johnson finally broke cover today after 48 hours silent on his future plans for leadership and the country's exit from the EU.

He insisted the UK should not be in 'any great rush' to withdraw from the EU and its 'extraordinary and opaque system of legislation'.

And he insisted immigration was not the reason Britain voted for Brexit, but instead the 'number one issue’ for voters had been control, ‘a sense that British democracy was being undermined by the EU system, and that we should restore to the people that vital power: to kick out their rulers at elections, and to choose new ones.’

He also appeared to backtrack on the controversial Vote Leave claims that Britain spends £350million a week in net contributions to the EU and would be able to spend the sum on other priorities, including the NHS.

Boris Johnson declared 'Project Fear is over' before getting into a car to head to Westminster this morning

Today he only refers to it as a 'substantial sum of money' that can be 'used on priorities such as the NHS'.

The toned-down rhetoric is a clear attempt to heal divisions in the party and convince skeptical Tory MPs that he offers a serious plan for government.

Mr Johnson also had warm words for Bank of England Governor Mark Carney, with whom many pro-Brexit Tories are furious after his part in Project Fear.

Mr Johnson’s conciliatory tone is intended to broaden his appeal to include Remain supporters.

Writing in his regular Daily Telegraph column, he said the Leave campaign had to acknowledge their victory was not overwhelming and went on: ‘There were more than 16 million who wanted to remain...In a democracy majorities may decide but everyone is of equal value.

'We who are part of this narrow majority must do everything we can to reassure the Remainers.’

He said rather than immigration, the ‘number one issue’ for voters had been control, ‘a sense that British democracy was being undermined by the EU system, and that we should restore to the people that vital power: to kick out their rulers at elections, and to choose new ones.’

He said Mr Carney had done ‘a superb job’ and that David Cameron and George Osborne had led the UK to an ‘outstandingly strong’ economic position. He added: ‘I cannot stress too much that Britain is part of Europe, and always will be. There will still be intense and intensifying European cooperation and partnership.’

While Mr Johnson is the hot favourite to take over leadership of the Conservative Party, past Tory leadership elections suggest early favourites rarely win.

As well as David Cameron, Tory party leaders including Iain Duncan Smith, John Major and Margaret Thatcher were not considered favourites when they announced their candidacy for leadership.

The 1922 Committee of Conservative backbench MPs is due to meet today to decide the rules for the forthcoming election, with dates for campaign hustings to be announced tomorrow.

Last night suggestions the rules could change to ensure a woman is in the final two were dismissed by 1922 Committee sources.

George Osborne mulls offer of Foreign Secretary in return for backing Boris Johnson in race to replace David Cameron as PM

George Osborne (pictured this morning) is mulling an offer of Foreign Secretary if he backs Boris Johnson's bid to replace David Cameron as Prime Minister, it was reported today

George Osborne is mulling an offer of Foreign Secretary if he backs Boris Johnson's bid to replace David Cameron as Prime Minister, it was reported today.

Mr Johnson and his leadership campaign manager Michael Gove, the Justice Secretary, is keen to unite as many Tory MPs behind the Brexit champion in order to heal the bitter wounds caused by the EU referendum campaign.

They are desperate to fend off a tough challenge from Theresa May, the Home Secretary, who they see as their main challenge.

Mr Osborne has yet to reach a decision but would demand the post of Foreign Secretary if he lent his support to Mr Johnson, allies of the Chancellor told The Times.

Mr Gove will play a key role in wooing backers and is a close friend of Mr Osborne.

And Mr Osborne himself will play a decisive role in who wins the contest because of his significant number of allies in the party.

But having traded bitter blows for four months during the EU referendum campaign, some in the party doubt relations between the main players of the Remain and Brexit campaigners can be reconciled together in a new government.

Today the Tory 1922 Committee announced the timetable for the leadership contest.

The new leader will be announced by September 2 at the latest - before MPs return to Parliament after the summer recess. Whoever wins is likely to become Prime Minister on the same day.

Nominations for the contest will open on Wednesday and close on Thursday.

At an emergency meeting in Westminster, the committee agreed unanimously that the contest should be run under the same rules as 2005, which will see MPs pick two candidates to put to the wider membership.

The speedy process - which has to be signed off by the party board on Tuesday and a full meeting of the backbench committee on Wednesday - would appear to favour established candidates.