UK Prime Minister David Cameron has announced that he will step down by October, following the UK's decision to exit the European Union.
In a statement made outside Downing Street this morning, Cameron (pictured) said he would "steer the ship" in his remaining time as UK Prime Minister.
He said Britain required "fresh leadership" to negotiate its exit from the EU, adding that the result was the "will of the British people" and an "instruction which must be delivered".
"I do not think it would be right for me to be the captain that steers our country to its next destination," he said.
Former London mayor Boris Johnson is currently the favourite to replace Cameron.
It was revealed overnight that 52% of the British public voted to leave the EU against 48% who voted to stay.
The results of the referendum came as a shock to markets following yesterday's polls, which indicated 'remain' was slightly ahead.
The FTSE 100 dropped 8.3% to 5,811 in early trading, while the yield on benchmark 10-year UK government bonds saw a drop of 0.31% to a record low of 1.07%.
