PRIME Minister David Cameron has resigned after being defeated in the EU vote.
By Patrick Knox
QUITTER: Cameron stands down after taking a gamble too far
- Cam quits after result of Leave 52% Stay 48%
- BoJo appeals for calm after Brexit victory
- Nigel Farage hails it a "victory for ordinary people"
- Bank of England boss Mark Carney to prop up plunging Pound
- Spain demands joint sovereignty over Gibraltar
- EU in turmoil as world leaders react to seismic change
There were some gasps among the world's press, who had been gathering in Downing Street since dawn to hear how the PM would respond to his crushing defeat.
Mr Cameron said he accepted the decision of the electorate, which voted by 52% to 48% to quit the EU.
He said he would leave it to his successor to invoke Article 50 of the Lisbon Treaty, which kicks off the two-year process of negotiating a new trade relationship with the UK's former partners.
"The country requires fresh leadership to take it in this direction," said Mr Cameron.
"I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I don't think it would be right for me to try to be the captain that steers our country to its next destination."
He said he would go in the Autumn.
Meanwhile, the Bank of England said it is prepared to provide £250bn to prop up the British pound after its value plunged to record lows following Britain's vote to leave the European Union.
The shock announcement will trigger a battle for the Conservative leadership – and the keys to Number 10 – likely to feature Brexit standard-bearer Boris "Bojo" Johnson taking on figures such as Home Secretary Theresa May, who took a low profile in the referendum campaign.
His departure comes just over a year after he won with the 2015 General Election with the biggest majority ever.
Boris is tipped to be the new Prime Minister and will make a speech at 11am.
EMOTIONAL: Cameron fights to hold back his tears
Mr Cameron has said the Brexit vote was the "will of the British people" which was an "instruction which must be delivered".
With his voice appearing to break, He said: "I love this country and I feel honoured to have served it."
The UK has voted to leave the EU after huge turnouts in Labour heartlands in Wales and the north of England voted to exit the EU.
THE END: Cameron leaves the podium and walks back into 10 Downing Street with Sam Cam
Mr Cameron said: "So there can be no doubt about the result.
"Across the world people have been watching the choice that Britain has made.
"I would reassure those markets and investors that Britain's economy is fundamentally strong and I would also reassure Britons living in European countries and European citizens living here there will be no immediate changes in your circumstances.
"There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold."
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