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David Cameron has said the UK will not trigger formal EU exit talks until a new Prime Minister takes over.

Mr Cameron said it will be up to his successor to formally start withdrawal negotiations, despite leaders across Europe insisting Britain should immediately activate Article 50 of the Lisbon Treaty - the so-called "exit button" which sets in motion the process of quitting the union.

He said he had spoken to European leaders and told them that "the British Government will not be triggering Article 50 at this stage".

He added: "This is our sovereign decision and it will be for Britain and Britain alone to take."

Mr Cameron was addressing the House of Commons for the first time since the referendum and his resignation announcement.

He said there was “no doubt about the result” of the poll and that the “decision must be accepted”.

He also condemned the “despicable” racism directed immigrants and ethnic minority Britons in the wake of the vote.

The Prime Minister hit out at those who have abused EU immigrants and black or Asian people as he insisted the country "will not stand for hate crime".

Mr Cameron also stood by his warnings about the risks of Brexit, stressing there would now be "adjustments" in the economy, the threat of the UK breaking up, and "challenging negotiations" with the EU.

He told MPs: "We have a fundamental responsibility to bring our country together.

"In the past few days we have seen despicable graffiti daubed on a Polish community centre, we've seen verbal abuse hurled against individuals because they are members of ethnic minorities.

"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."

Mr Cameron moved to reassure European citizens living in the UK and Britons living abroad that there will be "no immediate changes in their circumstances".

He highlighted that there will be no "initial change" to the way in which people in the UK travel or to the way goods move and services are sold.

He also suggested the country is "well placed" to face any economic challenges arising as a result of Brexit.

He said: "It's clear that markets are volatile. There are some companies considering their investments and we know this is going to be far from plain sailing.

"However, we should take confidence from the fact that Britain is ready to confront what the future holds for us from a position of strength.

"As a result of our long-term plan we have today one of the strongest major advanced economies in the world.

"We are well placed to face the challenges ahead.

"We have low stable inflation, the employment rate remains the highest it's ever been, the budget deficit is down from 11% of national income forecast to be below 3% this year."

The Prime Minister also insisted that the financial system is "substantially more resilient than it was six years ago".

Mr Cameron also set out how the EU unit in Whitehall, set up to work out the complexities of the UK's divorce from Brussels, will work.

He said: "Clearly this will be the most complex and most important task that the British Civil Service has undertaken in decades, so the new unit will sit at the heart of Government and be led and staffed by the best and brightest from across our Civil Service."

The unit will be responsible for ensuring that the person who takes over as prime minister is given the "best possible advice from the moment of their arrival".

Mr Cameron insisted the UK's devolved administrations will be "fully involved" as the Government works on the negotiations.

Additional reporting by the Press Association.