Brexit: Cameron says task of EU pullout to be handled by 'next PM'

Prime Minister David Cameron, who resigned after the historic vote by Britain last week to pull out of the European Union and plans to step down in October, said he would not officially inform the EU of Britain's withdrawal from the bloc and that his successor would begin the proceeding.

"Before we do that, we need to determine the kind of relationship we want with the EU. Any new negotiation to leave the EU will begin under a new prime minister." CNN quoted Cameron as saying in the Parliament.

Opposition Labour Party leader Jeremy Corbyn said Cameron's announcement would leave Britain in "a state of paralysis," delaying for months what could be a two-year separation process, potentially followed by more years of trade talks.

Cameron also announced that a new unit would be established to deal specifically with the EU divorce in what he described as one of the "most complex" tasks assigned to the civil service in decades.

Cameron reminded parliament that Britain has "one of the strongest major advanced economies in the world."

"We are well placed to face the challenges ahead. The [central] bank's stress tests show that UK institutions have enough capital and liquidity reserves to withstand a scenario more severe than the country currently faces," he said.