Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.
In a statement outside Downing Street, he said he would attempt to “steady the ship” over the coming weeks and months but that “fresh leadership” was needed.
The PM had urged the country to vote Remain but but was defeated by 52% to 48% despite London, Scotland and Northern Ireland backing staying in. UKIP leader Nigel Farage hailed it as the UK’s “independence day”.
“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.”
On the economy, a plunge in the value of the pound and share prices is expected in the coming days, which would cause the Bank of England to raise interest rates.
Indeed, the British pound fell to its lowest level in more than 30 years during the vote, as a victory for Leave looked increasingly likely. Markets also plummeted as a Brexit was confirmed.
Article 50 of the Lisbon Treaty, which guides member states wishing to leave the EU, is a vague map towards the exit door. Once Article 50 is invoked, it oucl take Britain up to two years to actually leave the EU.
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