David Cameron steps down as UK Prime Minister

UK Prime Minister David Cameron resigned today after his devastating defeat in the EU referendum. He had fought strongly for Britain to remain in the EU but lost. He said he will stay in post till about October this year when a new Prime Minister is chosen. He said the country requires fresh leadership.

Cameron's voice broke as he spoke outside Downing Street this morning with his wife Samantha in tears next to him. “We should aim to have a new prime minister in place by the start of the Conservative Party conference in October," he told the media after the country voted to leave the European Union.

The Brexit campaign officially passed the winning post in the EU referendum at around 6am today, triggering a political earthquake and panic in the markets. Nigel Farage earlier declared it to be 'independence day' and a 'victory for real people' as the Leave campaign racked up votes across England and Wales - defying the verdict of London, Scotland and most of the big cities.

The Pound - which soared in value earlier after Nigel Farage admitted he thought Brexit had lost - has nose-dived against US dollar to its lowest level for 31 years. And more than £100billion was wiped off the FTSE 100 within minutes as markets opened on Friday as Britain's decision caused turmoil across global exchanges.