David Cameron bet everything on winning this European Union referendum. He lost. His resignation was inevitable, but the timing was not. Indeed, scores of pro-Brexit Tory MPs had signed a letter asking him to stay as Prime Minister – or, at the very least, not walk out of No.10 on the morning after the vote. Yes, he would not be the best person to lead Brexit talks – but these talks could be several months, perhaps years away. So there was no reason to rush for the exit and plenty reason not to do so. Brexit vote was always going to create uncertainty in the financial markets. Adding political uncertainty, in the form of a Prime Ministerial resignation, was never going to help.
Furthermore, Cameron owes his position to the fact that Michael Howard stayed on for a decent length of time after the 2005 general election. This gave his party time to compose itself, and gave an unexpected candidate time to emerge.
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