Despite Prime Minister David Cameron urging his country to vote to remain in the European Union, the Remain choice was defeated by 52% to 48%.
Cameron took the decision to step down. At a press conference he said, "The British people have voted to leave the European Union and their will must be respected."
Cameron added, "I do not think it would be right for me to be the captain that steers our country to its next destination."
According to reports, U.S. stocks fell Friday as investors are stunned by Brexit. Additionally, stocks are down worldwide. The British Pound is at a record low since the 1980's, dropping 10% to a 31-year low. In turn, the euro fell by 3.8%.
During Cameron's resignation speech he added, "I was absolutely clear about my belief that Britain is stronger, safer and better off inside the European Union, and I made clear the referendum was about this and this alone — not the future of any single politician, including myself.
But the British people have made a very clear decision to take a different path, and as such I think the country requires fresh leadership to take it in this direction."