Prime Minister Cameron resigns as United Kingdom votes to leave European Union

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LONDON  — David Cameron has announced his resignation as Prime Minister following the UK‘s historic vote to leave the EU.

He refused to give an exact time table for his departure, but said that he wanted a new leader to be in place by the start of the Tory Party conference in October.

In his statement, delivered outside the front door of 10 Downing Street, he said that “the British people have voted to leave the EU and their will must be respected… the will of the British people is an instruction which must be delivered.”

“There can be no doubt about the result.”

He reassured markets and investors, saying that Britain’s economy was strong and also pledged that there would be no sudden change in circumstance either for Britons who live abroad or Europeans who live in the UK.

Bookmaker Paddy Power is offering odds of 4/5 on former London Mayor Boris Johnson succeeding David Cameron as the next British Prime Minister.

Historic vote

51.89% of the population voted to leave the European Union, while 48.11% voted to remain. Almost 46.5 million people were registered to vote in Thursday’s referendum.

Pro-“Brexit” campaigners cheered, but the largely unexpected decision played havoc on world markets. London’s FTSE 100 index plunged by more than 8% at the open, with bank stocks getting hit particularly hard.

Pro-independence party UKIP leader and Leave campaigner Nigel Farage told a group of journalists at Westminster following the Leave side’s victory that the EU is “dying.”

Calling for a ‘Brexit government,’ he added that “we’ve given ourselves the chance to rejoin the world … June 23rd needs to become a national bank holiday and we will call it Independence Day.”

The result reflects a deeply divided union.

In one of the most divisive campaigns in recent memory, polls had consistently shown voters split down the middle, with the outcome too close to call, and wavering voters likely to determine the result.

The UK has been a member of the European Union — and its precursors — since 1973.

Mixed reaction

President Barack Obama said Friday the U.S. respects the decision of United Kingdom voters for the country to leave the European Union. “The people of the United Kingdom have spoken, and we respect their decision,” Obama said in a statement, his first remarks since the results of the Brexit referendum were announced.

“The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy.”

Donald Trump welcomed the United Kingdom’s vote to leave the European Union, calling it Friday a declaration of independence and likening it to the opportunity Americans will have in November to vote for him.

“Come November, the American people will have the chance to re-declare their independence,” Trump said in a statement from Scotland, where he is opening one of his luxury golf courses.

Vice President Joe Biden, speaking in Ireland where he is making an official visit, expressed the administration’s regret about the vote but assured Britons that the bond between their two countries would remain strong.

“I must say we had looked for a different outcome,” Biden said, speaking in Dublin. “We preferred a different outcome and I imagine may of you here felt the same way. But the United States — having a longstanding friendship with the United Kingdom, one of the world’s greatest Democracies — we fully respect the decision they have made.”

House Speaker Paul Ryan, a Wisconsin Republican, also reaffirmed the close UK-U.S. alliance. “I respect the decision made by the people of the United Kingdom,” he said in a statement, adding that the two countries’ “special relationship is unaffected by this vote.”

Trump, who referred to the Brexit as “fantastic” shortly after landing in Scotland, also tweeted that he had “just arrived in Scotland. Place is going wild over the vote. They took their country back, just like we will take America back. No games!”

His comments came as Scottish First Minister Nicola Sturgeon announced Scotland would hold another referendum to stay within the EU, citing the economic benefits to the partnership.

The results have prompted mixed reaction from politicians. London Mayor Sadiq Kahn said that the decision was a “clear message” but urged calm.

European Council President Donald Tusk said the UK’s decision to leave the European Union was “historic, but not a moment for hysterical reactions.

“Today on behalf of the 27 (European) leaders, I can say that we are determined to keep our unity as the 27. For all of us, the union is the framework for our common future.”

U.S. President Barack Obama “has been briefed” on the results and expects to speak to Cameron later in the day.

Markets start freaking out

The shock development will have profound implications for markets and economies around the world.

Along with the FTSE’s disastrous opening, the pound has plunged more than 12% to below $1.34, its lowest level since 1985. Japan’s Nikkei tanked 6.7%, and Hong Kong’s main index dropped 3.7%. Stock futures indicate that markets in London and New York will also tank when they open for trading. Dow futures are down more than 650 points.

Bank of England Governor Mark Carney said that the body is “well prepared” and “won’t hesitate” to take additional measures as markets adjust.

The “UK financial system is resilient,” he added.

Results have sparked a global markets sell-off. London stock futures are trading 7% lower and stock futures in the U.S. are down 2%, CNNMoney reports.

The pound is dropping sharply against all major currencies, and is currently trading at 1.38 against the dollar. Oil is down 4%.

Gold — one asset investors turn to in the times of uncertainty — is up.

‘Serious consequences’

British Foreign Minister Hammond said that Britain’s voice in Europe will be greatly diminished and that the events would “change course of British history with huge consequences.”

Speaking to CNN’s Richard Quest, Italy’s Finance Minister Pier Carlo Padoan acknowledged the risk of a domino effect following the vote.

Indeed, Britain’s decision has emboldened anti-Europe parties across the continent.

The far-right Dutch politician Geert Wilders congratulated the UK on its decision, and called for a Dutch referendum on EU membership.

“We want be in charge of our own country, our own money, our own borders, and our own immigration policy,” he was quoted as saying in a statement on his website.

“If I become prime minister, there will be a referendum in the Netherlands on leaving the European Union as well. Let the Dutch people decide.”

Marine Le Pen, the leader of France’s nationalist Front National party also congratulated the Brexit side. Her party has suggested that the French would also hold an “out” referendum if she assumed the presidency. France is holding presidential elections next year.

Breakup of the union?

Turnout in Scotland was 67% with voters across the country voting overwhelmingly to stay in Europe. Now that the UK as a whole has determined to leave, many north of the border feel that this would be a catalyst for another Scottish referendum, allowing the country to secede from the UK.

The pro-independence Sinn Fein party in Northern Ireland also called for an Irish unity referendum — taking Northern Ireland out of the UK — in the wake of the Brexit vote.

“Scotland has delivered a strong, unequivocal vote to remain in the EU, and I welcome that endorsement of our European status,” Scotland’s First Minister Nicola Sturgeon said in a statement. She will deliver a statement on the Brexit vote’s implications for Scotland later on Friday morning, she said in a statement.

“And while the overall result remains to be declared, the vote here makes clear that the people of Scotland see their future as part of the European Union.”

Her predecessor, Alex Salmond, told British television that Cameron has no choice but to resign after losing the referendum.

“If this result holds, it’s the end of Britain, just simple as that… Scotland is voting overwhelmingly to stay,” historian Simon Schama told CNN before the vote.

“Bye-bye Great Britain, bye-bye United Kingdom. That will absolutely happen.”