David Cameron has resigned as Prime Minister of Britain in an emotional speech outside 10 Downing Street.
His resignation followed a landmark referendum that saw the country voting to leave the European Union.
Mr. Cameron voice broke as he announced the cabinet would meet on Monday to draw up a time-table for his exit as leader of the world fifth largest economy.
A new prime minister is expected to be elected in October.
A majority of British voters (51.7 percent) followed the call of Pro-Leave campaigners who had described the vote as an independence from the European Union oppression and bureaucracy that has resulted in mass migration into the island country.
While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed the Remain camp.
With Over 72.2 percent voters’ turnout (last general election in the country has 66.1 percent turnout), many pro-Leave campaigners, led by leader of far-right UKIP party, Nigel Farage and former mayor of London Boris Johnson, are already seeing the referendum as a rejection of the leadership of Mr. Cameron, who campaigned vigorously for Britain to remain in the EU.
Despite a strong showing for the Pro-remain campaign in London and Scotland, majority of British cities voted to quit the EU.
Mr Cameron’s Tory party rival, Boris Johnson, who hasn’t hidden his desire to become PM is seen by many as a possible successor.
“I think the Boris Johnson momentum will be unstoppable,” Steven Fielding, a professor of political history at the University of Nottingham told the Washington Post.
“Cameron will try to find a dignified exit. But it’s not clear how long the backbenchers will give him to do that.”
Mr. Farage, who already admitted that the Pro-remain were going to win the referendum, recanted and claimed victory for the historic decision.
“We have got our country back,” he tweeted. “Thanks to all of you.”
Let June 23rd go down in history as our Independence Day,” he shouted with arms held high to his supporters.
Although Mr Farage is claiming this as a personal victory, many political analysts see the possibility of his anti-immigration far-right party occupying No 10 Downing Street as far-fetched.
Gisela Stuart, Vote leave campaigner and Labour MP, addressed Manchester Town Hall this morning.
She says, “We have just taken control. 33 million people went to the ballot box and made a democratic decision. They reflected on our 40 year history and by a majority they have decided to leave.
“I think that is democracy at work.”
Pound crashes to three-decade low
The news of the Britain exit from the EU caused immediate backlash to the country’s economy as the sterling crashed to 9 per cent against the dollar – its lowest value since 1985.
Financial analysts also fear more debilitating consequences of the decision on the world’s fifth largest economy in the coming days.
“People will be waking up this morning to turmoil in the markets and the pound crashing, and fearing the emergency budget the Chancellor threatened to hike their taxes and cut public services, said shadow chancellor, John McDonnell.
“The Government must now take steps to stabilise the economy, and to protect jobs, pensions and wages. Labour will not allow any instability to be paid for by the working people of this country,” he added.