Prime Minister David Cameron has announced he will be resigning following his loss in the EU Referendum.
David Cameron has been leader of the Conservative party since 2005 and Prime Minister since 2010.
He said he will stand down but would not set an exact time table for his leaving the role – however he said that he wants a new leader in place in time for the Conservative Party Conference in October.
Speaking outside Number 10 he said: “The British people have voted to leave the EU and their will must be respected.
“The will of the British people is an instruction that must be delivered. There can be no doubt about the result.
“Across the world people have been watching the choice that Britain has made. This will require strong, determined and committed leadership.
“I am very proud to have been Prime Minister of this country for six years.”
Cameron also confirmed that the new leader will be responsible with choosing the timing to trigger Article 50 of the Lisbon Treaty – which would see the UK just two years away from leaving the EU.
Bookies have the early favourites as Boris Johnson (4/5), Theresa May (5/2) and Michael Gove (5/1).