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David Cameron has resigned as Prime Minister of Britain after a speech outside 10 Downing Street.

His resignation follows a historic referendum that saw the country voting to leave the European Union.

Mr Cameron was emotional as he announced that the cabinet will meet on Monday to draw up a time-table for his exit as the leader of the world’s fifth largest economy.

A new Prime Minister is expected to be elected in October.

The result of the referendum is seen as a massive blow to a united Europe since World World Two, and shows that more than 51% percent of British voters want out of the EU.

The result of the referendum had a massive effect on the pound sterling, causing it to drop by more than 9 percent against the dollar – it’s lowest in 30 years.

As results poured in through Thursday night and into the early hours of Friday, the “remain” camp increasingly despaired, while “leave” advocates expressed a growing confidence amid stronger-than-expected margins for those advocating a British exit.