Prime Minister David Cameron announced on Friday that he will step down by October after Britain voted to leave the European Union after 43 years of membership in the bloc.
After the final result was announced, Cameron made the statement outside his Downing Street residence in London. Cameron, who has been the prime minister for six years, said he would try to "steady the ship" over the next months. A new leader should be appointed by early October, who will take the negotiations with the EU forward, he added.
"I do not think it would be right for me to try to be the captain that steers our country to its next destination," the British leader said.
Cameron said the new leader should start the formal procedure for Britain to leave the European Union. He said the new prime minister should carry out negotiations and take the decision about when to trigger Article 50.
"I would also reassure Brits living in European countries and European citizens living here that there will be no immediate changes in your circumstances," Cameron added.
"I fought this campaign in the only way I know how, which is to say directly and passionately what I think and feel - head, heart and soul; I held nothing back," he added.
But he also said the British people have taken a very clear decision and the country really needs a "fresh leadership" to take this forward in the chosen direction.
The final results showed that 52 per cent votes were in favour of quitting the EU while 48 per cent voted to retain the membership.