Cameron heads for exit after Brexit

EXIT ... David Cameron

PRIME Minister David Cameron announced this morning he would step down after Britain voted to leave the European Union.

In a Downing Street address to the nation, Cameron explained how he could not be the captain of a ship that was heading in a new direction.

The news comes after the final of the 382 counts was declared, with Leave on 51.9 per cent of the votes compared with 48.1 per cent for Remain.

Flanked by wife Samantha, Mr Cameron said he had informed the Queen of his decision to remain in place for the short term, but hand over to a new Prime Minister by the time of the Conservative annual conference.

"The British people have voted to leave the European Union and their will must be respected," said Mr Cameron.

"The will of the British people is an instruction that must be delivered."

His voice breaking, Mr Cameron said: "I love this country and I feel honoured to have served it and I will do everything I can in future to help this great country succeed."

Leave's total vote was 17,410,742, with Remain more than a million behind on 16,141,241.

Bank of England governor Mark Carney was also due to make a statement after Mr Cameron as the pound sank to lows last seen in 1985 and the London markets are also expected to slump. The Bank has already said it would "take all necessary steps to meet its responsibilities for monetary and financial stability".

Business groups forecast a "nervy time " ahead for industry and urged the government to do all it could to maintain stability.

Simon Walker, Director General of the Institute of Directors, said: "While this may not have been the result that the majority of our members wanted, Britain has voted to leave the EU, and it is now imperative that our political leaders manage the transition as smoothly as possible. The weeks and months ahead are going to be a nervy time for business leaders, so they need to know that the Government is focused on maintaining stability while a new relationship with the EU is established.

"It is now beholden on politicians to negotiate a deal with European leaders which preserves the ability of British firms to trade easily with the remaining member states."

Foreign Secretary Philip Hammond has said voters have "spoken clearly" and the Government's job is to "get on with that decision, protecting the economy and doing all we can to get the best outcome for Britain".

The vote has "very significant implications" for Ireland the Irish government has said and Taoiseach Enda Kenny will make a statement after a special meeting of ministers this morning.

Commons Foreign Affairs Committee chairman Crispin Blunt called for quick action to negotiate a trade deal and called for extra money for the Foreign Office.

He said: "The Committee urges the Government to act swiftly to negotiate Britain's new relationship with the EU. As detailed in our report, the UK and EU should seek to negotiate some form of trade deal as quickly as possible.

Conservative MP Sarah Wollaston, who made headlines when she switched from Leave to Remain earlier this month, wrote on Twitter after the result: "I don't feel any sense of 'freedom' today but my job is to make sure that Parliament respects the result & work positively."