Cameron resigns after UK’s EU exit

British Prime Minister David Cameron announces his resignation after the UK's vote to exit the European Union.

Cameron, who was speaking at Number 10, Downing Street in London, said Friday that he would leave office in fall- by October-  when his ruling Conservative Party will hold a conference.

The premier said the British people's will must be respected after UK voters chose to leave the 28-nation European Union in a historic vote on Thursday.

Cameron said there is no doubt about the result of the referendum but that he is not the "captain" that will steer the ship through difficult negotiations with the EU.

The PM, however, noted that there will be no initial change in how British goods and services are sold in Europe. 

The decision comes after a majority of Britons voted to leave the 28-member bloc after 43 years of membership.

This comes as some 51.90 percent of British voters opted to leave the EU, while roughly 48.10 percent of people voted to stay in the union.

More than 17.4 million Britons said the country should leave the bloc, as just over 16.14 million others favored remaining in the EU.

The ‘Leave’ campaign passed the winning post with a lead of more than one million votes and a margin of four percent. Voter turnout has been at around 72 percent. 

In an earlier reaction to the results, the office of the prime minister said Britain is now in an "uncharted territory" following the ‘Brexit’ vote.

UK Independence Party leader Nigel Farage was among the first to assume a celebratory tone, saying the country was taking its independence back.

A victory for the ‘Leave’ camp looks set to send political shockwaves across the European Union.

The vote results sent the British pound into a tailspin on Friday, as the UK’s national money sank to its lowest in more than three decades. 

UK stock futures also point to a sharp fall at the market opening. British stock market plunged 7.7% while German index fell 10% after the UK vote. In Asia, Tokyo stocks dived more than 8% on the Brexit shock as the Hong Kong index plunged over 5% on the news.

Scots, Irish Favor EU Membership

Political leaders in Scotland and Northern Ireland have also reacted to the UK referendum results, insisting on remaining in the European Union.

Scotland’s First Minister Nicola Sturgeon said Scotland clearly and decisively voted to remain in the bloc and sees its future as part of the European Union.

She had already indicated that Brexit could precipitate Scottish independence.

Northern Ireland has also voted to remain in the EU. It has prompted Irish republican political party, Sinn Fein, to indicate that Northern Ireland should be allowed to vote on uniting with the Republic of Ireland. Sinn Fein’s national chairman Declan Kearney said it has been Northern Ireland’s long-standing demand to have a referendum on joining the Republic of Ireland.

Meanwhile, reactions are pouring in after the Brexit vote, with German Foreign Minister Frank-Walter Steinmeier saying the UK’s decision to leave the EU marks a “sad day” for Britain and Europe.

German Vice Chancellor Sigmar Gabriel also described it as a bad day for Europe.

The foreign ministers of the original six founding nations of the European Union, namely Germany, France, the Netherlands, Italy, Belgium and Luxembourg will get together in the German city of Berlin on Saturday to discuss “current European political topics.”

This is while former Finnish Prime Minister Alexander Stubb described the leave vote as a bad nightmare. He said the development could lead to crisis and chaos. Australian Prime Minister Malcolm Turnbull has also expressed dismay at Britain’s decision to exit the EU, saying it comes as a “shock.”

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