Brexit: Shock defeat forces Cameron out

Britain voted to leave the EU, toppling Prime Minister David Cameron after the shock defeat in the referendum that triggered a bloodbath in world markets today and opened a fresh debate over issues like immigration and advance of the right-wing across Europe.
Speculation mounted on his possible successor with Boris Johnson, the 52-year-old flamboyant former London mayor who spearheaded the Leave campaign, emerging as the top contender with other senior Conservatives like Chancellor George Osborne and Home Secretary Theresa May also being mentioned in the race.
Brexit won by a wafer-thin majority in the referendum held yesterday that could rewrite Britain's trade, including market access and services, with Europe and other countries including India.

Shortly after the official announcement of the results, Cameron, who had gambled on the Remain campaign, stepped out of 10, Downing Street, to announce his intention to resign, saying a new Prime Minister should take charge in October to launch the process to leave the 28-nation bloc.
The final result, overturning over four decades of the UK's membership of EU, was officially declared as 51.9 per cent in favour of Brexit and 48.1 per cent in favour of Remain by the UK Electoral Commission's chief counting officer Jenny Watson from Manchester Town Hall.
Britain, the second largest economy in Europe after Germany, is the second country after Greenland to quit the bloc.

The referendum turnout was declared as 72.2 per cent with over 30 million people turning out to vote, reflectingthe highest turnout in the UK since 1992.

Watched by his wife Samantha, the 49-year-old Prime Minister, who has just completed a little over a year in his second five-year term, sought to assuage investors and markets across the world that Britain's economy is fundamentally strong.
He also assured European citizens in Britain that there will be no immediate changes "in their circumstances".
"There will be no initial change in the way our people can travel, in the way our goods can move, or the way our services can be sold," Cameron said.

"The country requires a fresh leadership to take this forward. While it is important that I stay on to steady the ship, it is not right to be the captain. I will do everything I can to do to help," Cameron said as his voice choked with emotion.
"I do not think it would be right for me to try to be the captain that steers our country to its next destination," he said.