Conservative party initiates process to elect new prime minister as Cameron meets EU leaders

Cameron will meet the EU leaders ad will explain the issues that led to the Brexit

Conservative party initiates process to elect new prime minister as Cameron meets EU leaders

British premier David Cameron will meet European leaders today for the first time after Britain decided to exit from European Union. He will be meeting German French and Italian leaders to discuss how to make Brexit possible.

European leaders are meeting in Brussels today.

Cameron will discuss with European Union president  Jean-Claude Juncker and European council president Donald Tusk before he meets the major leaders of the 27 member European Union leaders.

He’s likely to talk about a number of factors that were issues in the campaign, and in the debate,” his spokeswoman said.  “He will want to encourage people to think about how both the UK and the EU need to work together to make the best of the decision the British people have taken.”

“He will reiterate that article 50 is a matter for the next prime minister.”  Article 50 of the European Union deals with the  procedure for a member country to leave the Union.

Brussels summit will discuss the continuing financial turmoil after the British referendum. Credit rating agencies Standard and Poor has downgraded British credit rating after the Brexit vote.

Cameron soon after the referendum has said the new leadership will negotiate with EU on the terms and conditions of exit.

But European Union leaders were insisting that the process should start as early as possible. Cameron has said he will resign in October during the Conservative party conference.

But the Conservative MPs have started the process to find a new leader before the conference. Nominations for the Conservative party leadership race is to open on Tuesday

According to media reports from London Borris Johnson and Theresa May are widely seen as the front runners. Chancellor Osborone has denied the speculations that he will replace Cameron as prime minister.

Cameron addressed the cabinet meeting for the first time after Brexit vote yesterday.  The meeting discussed how the party can implement the manifesto before Cameron leaves the office.