David Cameron admits Tory leadership contest may trigger snap general election

During Mr Cameron's Commons statement on the referendum, Mr Clegg said: "I've heard a lot about democratic principle.

"Would you agree with me that it surely cannot be right as a matter of democratic principle that only members of the Conservative Party, constituting 0.003 per cent of the total electorate, should be the only people who have a say to elect the new prime minister of a new government with new priorities utterly different to the ones you got elected on last year?

"Do you agree with me that there should be an early general election?"

Mr Cameron said he was against the idea of a new election but conceded it could happen.

Mr Cameron replied: "All parties have their rules for electing leaders that are arrived at democratically, we have ours and they will be followed.

"The only other point I'd make is that in the coalition agreement, we agreed a Fixed Term Parliament Act, which many of my colleagues have misgivings about.

"I happen to think it is a good measure, so as a result I think the right thing is for a new prime minister to take office and it will be for them to decide whether to fulfil the terms of this parliament or something else."

The Conservative party’s 1922 Committee today set a 10-week deadline for choosing a new leader – saying they should be elected by September 2 at the latest.

And all contenders will have to declare themselves by Thursday, the committee said.