British Prime Minister David Cameron has pledged to hold a national referendum on whether to leave the European Union. On Wednesday, Cameron ended months of speculation with a televised address.

British Prime Minister David Cameron: “It is time for the British people to have their say. It is time for us to settle this question about Britain and Europe. And when we have negotiated that new settlement, we will give the British people a referendum with a very simple in-or-out choice: to stay in the European Union on these new terms or to come out altogether. It will be an in-out referendum.”

Under the terms of his proposal, Cameron’s EU referendum will not take place unless he wins re-election in 2015.