David Cameron has resigned as Britain's Prime Minister following the success of the Brexit campaign for the UK to secede from the European Union.
The United Kingdom will exit the European Union after 43 years, as a majority of British voters chose "leave" over "remain" in the country's EU referendum on Thursday.
The "leave" campaign took a surprising early lead hours after the polls closed, and edged further ahead as the counting continued. With "leave" leading, the British pound plummeted to the lowest in 31 years, the The Associated Press reported. U.S. financial markets were expected to open sharply lower.
"I held nothing back," Cameron said, making an emotional resignation on Friday evening (AEST).
"I was absolutely clear about my belief that Britain is stronger, safer and better off inside the European Union. And I made clear the referendum was about this and this alone, not the future of any single politician, including myself.
"But the British people have made a very clear decision to take a different path, and as such, I think the country requires fresh leadership to take it in this direction."
"I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination. This is not a decision I've taken lightly."
But he said in he believed it was in the national interest to have a period of stability, and then the new leadership required.
"There is no need for a precise timetable today, but in my view we should aim to have a new prime minister in place by the start of the Conservative Party conference in October."