British Prime Minister David Cameron has addressed Members of Parliament on the EU referendum result, saying the people's choice must be respected.

Cameron told British lawmakers the UK will not trigger formal EU exit talks at this stage -- and there will be no immediate changes for EU citizens living in the UK or for British people living on the European continent.  The British government will discard the EU deal Cameron negotiated last February.

A new prime minister will be tasked with negotiating the terms of Britain's exit from the bloc. Cameron added that he is confident that Britain is ready to confront any future challenges.