David Cameron has announced his resignation after the Leave campaign stormed to victory in yesterday's European Union referendum.
The final results showed a 51.9 per cent leave for the Leave campaign, while Remain was left with 48.1 per cent.
This morning Cameron said he will continue in office for a "short spell", but added he hopes to have a new Prime Minister in place by the Autumn.
Earlier, Bank of England sought to reassure markets, saying it has "undertaken extensive contingency planning" after the UK voted to leave the European Union.
In a statement this morning the Bank said it was monitoring developments and working closely with the Treasury.
This morning Gisela Stuart gave the first official response from Vote Leave, saying "this is democracy at work".
"It is incumbent on all of us to be calm… to work together to start the process of leaving the European Union."
"I belive the EU and Britain will be stronger."
In German, she added: "This goes for all our European neighbours. We will be a friendly and open society, and we will continue to co-operate."
Leave campaigner Liam Fox called for calm, quashing speculation the Prime Minister will resign.
“I would like to see the Prime Minister staying on so that we don’t add political instability into the mix," he said.
"It is now clear we have changed the course of British history and, I hope, the course of European history."
At 6.15am, 51.8 per cent of the UK had voted for Leave, with Remain trailing behind at 48.2 per cent.
The City was bracing itself for the fallout from the vote: while FTSE 100 futures plummeted more than eight per cent, the pound was having one of its worst nights in history, dropping more than nine per cent against the dollar and more than 5.5 per cent against the euro.
Investors flocked to safe havens, with gold rocketing seven per cent. Even Bitcoin was up, rising more than $100 in a matter of hours.
“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," said Simon Walker, director general at the Institute of Directors.
"The weeks and months ahead are going to be a nervy time for business leaders, so they need to know that the government is focussed on maintaining stability while a new relationship with the EU is established.
"British businesses are resilient and, with their characteristic ingenuity, they will weather this storm."