Brexit: How the media in UK reacted to Britain's exit from EU

Britain has voted to leave the European Union (EU), forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War II.

Global financial markets plunged on Friday as results from a referendum showed a near 52-48% split for leaving a bloc that Britain joined more than 40 years ago. The pound fell as much as 10% against the dollar to touch levels last seen in 1985, on fears the decision could hit investment in the world's fifth-largest economy.

World stocks headed for one of the biggest slumps on record, and billions of dollars were wiped off the value of European companies. Britain's big banks took a $130 billion battering, with Lloyds and Barclays falling as much as 30% at the opening of trade.

An emotional Cameron, who led the "Remain" campaign to defeat, losing the gamble he took when he called the referendum three years ago, said he would leave office by October.

"The British people have made the very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction," he said in a televised address outside his residence.

"I do not think it would be right for me to be the captain that steers our country to its next destination," he added, appearing to choke back tears before walking back through the black door of No. 10 Downing Street with his arm around his wife Samantha.

Quitting the EU could cost Britain access to the EU's trade barrier-free single market and means it must seek new trade accords with countries around the world. The UK itself could break apart, with politicians in Scotland - where nearly two-thirds of voters wanted to stay in the EU - calling for a new vote on independence.