David Cameron, the Prime Minister of the United Kingdom, has announced his resignation after Britain voted to leave the EU
Saying that he accepts the decision of the electorate, which voted by 51.9% to 48.1% to leave the European Union, David Cameron said while he would attempt to "steady the ship" over the coming weeks and months, he noted that a "fresh leadership" was needed
Flanked by wife Samantha, Mr Cameron said he had informed the Queen of his decision to remain in place for the short term and to then hand over to a new prime minister by the time of the Conservative conference in October.
It would be for the new prime minister to carry out negotiations with the EU and invoke Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal, he said.
"The British people have voted to leave the European Union and their will must be respected," said Mr Cameron. "The will of the British people is an instruction that must be delivered."
The referendum turnout was 71.8% - with more than 30 million people voting - the highest turnout at a UK-wide vote since 1992.
According to FT, former London mayor Boris Johnson is expected to be Britain's next Prime Minister. However, there could be trouble.
Former London mayor Boris Johnson has been sitting comfortably ahead of his rivals, according to the bookmakers and the polls – although it is worth noting that they had also largely favoured a Remain result.
Home Secretary Theresa May is still in second place in terms of odds, while Remain campaigner Chancellor George Osborne has dropped from third place earlier this year down to sixth place. He has taken a bruising by the overnight result.
Justice Secretary and leading Brexit campaigner Michael Gove has replaced Osborne in the third spot.
Andrea Leadsom, who earned thunderous applause when she savaged the "undemocratic EU" at this week's debate in Wembley, has risen to the fourth spot, followed by another Brexit campaigner Priti Patel.