David Cameron has resigned as Prime Minister in an emotional speech outside 10 Downing Street in the early hours of today.
This is just as Britain voted to leave the European Union, with the Leave campaign securing around 51.8 percent of the vote.
"I do not think it would be right for me to be the captain that steers our country to its next destination," he told reporters outside his Downing Street office.
Mr Cameron, who led the Remain campaign, said he led the campaign with his "head, heart and soul".
In a speech outside Number 10, he said: “I held nothing back, 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 I do believe it's in the national interest to have a period of stability and then the new leadership required.”
Mr Cameron confirmed he will continue in his post for the next three months and revealed he aimed for the new Prime Minister to be in place by the start of the Conservative Party conference in October.
Speaking to the world's press outside Number 10 he said: "Good morning everyone, the country has just taken part in a giant democratic exercise, perhaps the biggest in our history.
"Over 33 million people from England, Scotland, Wales, Northern Ireland and Gibraltar have all had their say.
“We should be proud of the fact that in these islands we trust the people for these big decisions.
“We not only have a parliamentary democracy, but on questions about the arrangements for how we've governed there are times when it is right to ask the people themselves and that is what we have done.
“The British people have voted to leave the European Union and their will must be respected.
“I want to thank everyone who took part in the campaign on my side of the argument, including all those who put aside party differences to speak in what they believe was the national interest and let me congratulate all those who took part in the Leave campaign for the spirited and passionate case that they made.
“The will of the British people is an instruction that must be delivered.
"It was not a decision that was taken lightly, not least because so many things were said by so many different organisations about the significance of this decision.”
The Ukip leader also called for June 23 to be declared a Bank Holiday, saying that it will "go down in our history as our independence day".
Mr Farage said: "My feeling is the Prime Minister could have risen up to the fray. He chose not to, I think he probably has to go. I think we have to have a Brexit Prime Minister."
He suggested that Boris Johnson, Michael Gove or Liam Fox would be potential leadership contenders.
He accused Mr Cameron and Chancellor George Osborne of behaving in an "appalling" way during the campaign.
As Mr Cameron's resignation was announced, a string of Conservative figures paid tribute to his leadership.
Margot James, MP for Stourbridge, wrote: "Tears in my eyes as I listened to the PM, he has been a good PM in very difficult circumstances, I am glad he has resisted the siren voices."
Bob Neill, MP for Bromley and Chislehurst, tweeted: "Very sad that David Cameron has decided to leave as PM. He has been a great servant to his country and to his Party. He deserved better."
Mid-Norfolk MP George Freeman said: "The PM @David_Cameron at his statesmanlike best. So sad to see him go. A great man, democrat, patriot and Conservative of huge integrity."
And Nigel Huddleston, MP for Mid Worcestershire, wrote: "In his dignified & statesmanlike announcement to stand down as PM David Cameron has just shown he is irreplaceable."
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