The Prime Minister made his announcement following the referendum result, which saw a vote to leave of 52%, this morning saying he believed the country was in need of “fresh leadership to take it in that direction.”

In a statement outside Downing Street, Cameron said he would act to "steady the ship" in the coming months – with a leadership contest amongst the Conservatives tipped to begin within weeks.

“I Iove this country and will do everything I can to serve it,” he said, adding: “the will of the British people is an instruction that must be delivered.”

He also made clear that he would not invoke Article 50 of the Lisbon Treaty, which would start the Brexit process, leaving the decision of when to begin negotiations with Brussels to his predecessor.

England and Wales both voted strongly in favour of leaving while London, Scotland and Northern Ireland chose to remain.

Reacting to news of victory for the Leave campaign, UKIP leader Nigel Farage hailed decision to exit the EU as "independence day" for the country while SNP chief Nicola Sturgeon said the vote “made clear” Scotland’s desire to stay in.