David Cameron rules out possibility of second EU referendum despite online petition

David Cameron has ruled out a second referendum on Britain’s EU membership.

The Prime Minister’s spokesperson said that holding another vote was “not remotely on the cards”. The clarification comes amid a petition calling for a re-run in the event of a close result and following speculation that the government may go to the country again once the terms of Britain’s new relationship have been agreed.

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Mr Cameron chaired the first Cabinet meeting since the Brexit vote at midday on Monday, where ministers confirmed plans for a special government unit to draw up options for Britain’s renegotiation with the EU.

However, formal negotiations cannot start until Britain activates Article 50 – initiating the formal two-year procedure for withdrawing from the EU. Mr Cameron has said this will be a task for the next Prime Minister, who will not be in place until a Conservative leadership election has concluded by October.

And also on Monday, the head of the Brexit campaign said it was important to delay the formal process of leaving the EU because people need to "go away on holiday".

Vote Leave chief executive Matthew Elliott welcomed Mr Cameron's decision to delay the "divorce" for several months, despite pressure from Brussels for a rapid departure.

"I don't think we need to rush this process," he told US TV channel CNBC.

"During the campaign there was talk about triggering Article 50 and its process of leaving the EU right away, literally on 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."

He said Vote Leave had "done lots of detailed planning" for Brexit and suggested Michael Gove was "probably the man to lead the negotiations" - but dismissed the idea of any formal role for Ukip leader Nigel Farage.

Economic turbulence would "settle very quickly", he predicted.

Mr Cameron will face MPs in the House of Commons later this afternoon, and make his first statements on the Brexit vote and its aftermath since he announced his resignation on Friday.

Asked about the possibility of a second vote, the Prime Minister’s spokesperson said: “That’s not remotely on the cards. There was a decisive result [in the EU referendum]. The focus of the Cabinet discussion was how we get on and deliver that.”

Earlier, sterling slipped to a new 31-year low against the dollar as George Osborne sought to calm volatile markets.

The pound had dipped to $1.3231 on Thursday night - the lowest since 1985 - as the referendum result came into focus and traders sold sterling. But it recovered slightly over the following 24 hours.

Yet in trading today the pound dipped below that level, as a statement by the Chancellor, George Osborne, highlighting the "strength" of the UK economy, failed to assuage concerns.

Boris Johnson, the figurehead of the Leave campaign and presumed Conservative leadership contender, said in his Daily Telegraph column this morning that "the pound remains higher than it was in 2013 and 2014". But he is believed to have been referring to the pound versus the euro, not the dollar.

In another sign of growing financial stress 10 year government bond yields - known as Gilts - fell below 1 per cent for the first time in history.

The Prime Minister has also condemned the rise in anti-migrant and racist incidents reported since the Brexit vote. The Downing Street spokesperson said that many MPs had received reports from their constituencies and communities of migrants being intimidated or “told they need to go home”.

“We are absolutely clear and we need to reassure communities across Britain…this government will not tolerate intolerance,” the spokesperson said.

Saying that Britain was a tolerant, inclusive nation, the spokesperson said: “Those views and that value of our nation existed long before we were members of the EU and we should hold fast to that value and stand up for that value in the days and weeks ahead

Asked during the briefing if Scotland was heading for another independence referendum, Mr Cameron's spokesperson said that was "the last thing [it] needs".

“There was a legal, fair and decisive referendum two years ago,” Mr Cameron's spokesperson said. “The reasons for Scotland being in the UK are as strong now as they were 18 months ago. What we all need to do is to focus on getting the best deal for Scotland and the UK in these negotiations and the last thing Scotland needs now is another divisive referendum.”

The stance will put the Government on a collision course with Holyrood and Nicola Sturgeon, who has said a second independence vote is "highly likely" following the UK's decision to Brexit.

Follow the latest updates in the fallout from the EU referendum in our live blog here.